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Tuesday, 24 May 2011

My cheeky comments re Dorsey's Square tries to eliminate the card swipe by bringing back the tab - Fortune Tech

Dorsey's Square tries to eliminate the card swipe by bringing back the tab - Fortune Tech

This is a good start in the right direction, sadly it still does not address:

1.) if something goes wrong, whose fault is it?? (e.g. if PIN is supposedly used to authorise, it is automatically the card holder's fault, despite the risk of system being hacked.. who hold the hot cake if something goes wrong in this new Square model?? someone tell us? )

2.) identity, erm, guess anyone that take my iPhone (no, I am not a lemming yet, and do not own any apple products) with the square payment can buy small things to their heart's content? or is it intelligent enough to stop the card being used to buying multiple tens of packets of cigarettes from various shops? or is it just a dumb pipe system?

3.) as mentioned already, adoption would be enhanced greatly if the business model is competitive, but if the % fee is still similar to the incumbents (most likely will stay that way).. then it is just playing balls with hopes to be fully bought by the big duopoly players.. of course, nothing wrong with that, that is the game after all..

all in all, guess it might not affect us much unless and until we have some end to end revolution that has a business model that works and it is stupid simple enough for joe blog and secure enough that hopefully data is 200% secure and stored locally rather than centrally? I guess I have a solution but sadly no time nor big VCs to fund us as we are not based in silicon valley nor are we under 20/30s.. oh well, good luck Jack. ;-)

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