What new apps are coming out? Well, today, you can process credit cards right from your cell phone, your iPhone. What a great idea! And the technology isn’t all that difficult!
SquareUp.com came out with a free accessory, that allows credit card processing from your cell phone. Now anyone on the go can process payments, which in the past, were restricted to cash. It’s very similar to Paypal where the company takes a small percentage.
Good idea, but I’m not all sure many barriers to entry exist. I bet many new and existing companies will start this up and begin to fight for market share; and in this world, that could mean mobile device operating systems: Android, iPhone, Windows Mobile 7, Blackberry, etc… The SquareUp accessory is smaller, but the Intuit name is nothing short of monstrous. This could be similar to Vonage in relationship to the other tel-com companies and their VOIP solutions.
Along with the idea, Intuit, staying in the mix. They must have a talent for hiring additional talent to discover what is new, what is real, and what new business opportunities are out there. Intuit offers the service, GoPayment.com, and also offers the free card reader. I’m pretty sure Intuit wasn’t the first to do this. In-fact, I’m pretty sure they stole the concept. I was recently introduced to a similar product SquareUp by my colleague Brian. It wasn’t until I saw Intuit that I decided to post about this new revolation.
I even ran into a story about Girl Scout cookies being sold via GoPayment. http://www.dailymail.co.uk/news/article-1370017/Ohio-Girl-Scouts-trial-credit-card-smart-phone-device-cookie-purchases.html