Speaking to CNN this week, Square founder and CEO Jack Dorsey promised to release a new credit card reader with support for Apple Pay in 2015. He added the company isn’t interested in competing with Apple.
“We’re not building a credit card,” Dorsey said. “We’re not building a payment device. We’re building a [cash] register, and this register accepts all these forms of payments.”
If the cash register is Square’s main product the company will need to deploy an entirely new model. The current reader doesn’t include NFC, which is necessary for mobile payment apps like Apple Pay and Google Wallet. Right now, Square only works with magnetic strip cards, though the company just started accepting pre-orders for a Chip-and-PIN enabled model earlier this month.
Square’s future has been uncertain for a while now, and the company has struggled to grow beyond the card reader that made it famous in the first place. Adding Apple Pay support is a solid step towards securing its current position, but if Square wants to keep growing its next reader may need to include more than just a new NFC chip.