A new day is dawning for Square. And it can't come fast enough.
Square launched their Square Wallet in 2011, but consumer adoption did not catch on as anticipated. This is primarily due to how long it took to process transactions—essentially it is faster to pay with a credit card processor.
Aside from the lack of speed, many consumers were unaware that Square Wallet existed and where retailers had even adopted the technology. Even with the support of global brand Starbucks, the payment processing alternative did not catch on, as fast growing rivals like GoPayment and PayAnywhere expanded at a furious pace.
While they gave Square Wallet and admirable effort, the company has now decided to move onto a new mobile app called Square Order. While Square Order has many similarities to Wallet, it also boasts some noteworthy differences. The primary difference is that Square Order allows consumers to place their orders at local businesses and retailers—and are sent a notification when their order is ready. This allows shoppers to skip the lines, and pick their orders up when it is ready.
The app is now available at select retailers, such as Whole Foods, within San Francisco and New York City. Customers who utilized Square Wallet on a regular basis, can continue to utilize Wallet—or can make the switch to Order.
This is just one of many ways in which businesses are trying to break into the world of mobile payment processing—but even with the support of globally recognized Fortune 500 company such as Starbucks, it is a tough market to break into. However, Order’s time-saving benefits may be just what Square needs to make the transition and catch up to PayAnywhere and other fast-emerging titans in this industry.