Users of Square’s virtual payment cards can now link those cards to their Apple Wallets, expanding the company’s reach in the payments sphere once again—this time with Square Cash leading the way.
The tie-in was announced yesterday at the Recode Code Commerce event in San Francisco by Square CEO Jack Dorsey.
Apple Pay has wide potential, but for now usage remains low compared to traditional payments channels. Square has not disclosed numbers for Square Cash usage, so while this partnership makes for good marketing, it should not be expected to rock the mobile payments world immediately.
The integration of the two services now means that Square Cash users can buy goods and services at any of the stores that accept Apple Pay—which has now grown to 35% of U.S. retailers as announced by Apple VP Jennifer Bailey, whose full interview at the Recode conference can be viewed here.
35% of U.S. retailers translates to millions of physical stores and brands within the country, as well as online-only offerings like food delivery service Seamless, the e-commerce marketplace Jet.com, and ridesharing giants Uber and Lyft.
Square told Bank Innovation:
Yesterday we announced that we are rolling out the ability for anyone to add their Square Cash virtual card to Apple Wallet for use anywhere that Apple Pay is accepted. This will enable anyone to spend the funds that they keep in the Square Cash app both online and in store with Apple Pay.
These features can be viewed via the ‘My Cash’ button, according to the company. Begun as a peer-to-peer payment service, Square Cash’s ability to pay retailers was unveiled this September with the rollout of the virtual payment cards.
These entirely digital payment cards pull money directly from a user’s Square Cash account for transactions, making them ideal for online purchases. The integration of Apple Pay’s digital wallet now means that users have more retail options, both online and in physical stores, and can still pay directly from their Square Cash account.
Apple also has wider ambitions for Apple Pay. From Recode:
“Everything in your wallet, we’re thinking about,” Apple VP Jennifer Bailey, who runs Apple Pay, said at tonight’s Code Commerce Series event in San Francisco.
Bailey wouldn’t elaborate on plans to digitize forms of identification, such as drivers licenses, but it sounds like it’s the sort of thing Apple would like to eventually support.
Dorsey’s full interview on Square can be viewed below:2 - Readers Like This Post