There is a lotof buzz about the “new money” online. A classic Web 2.0 story of new technology taking on established giants – in this case the credit card and banking industries.
In February 2009, Jim McKelvey wasn’t able to sell a piece of his glass art because he couldn’t accept a credit card as payment.
Even though a majority of payments has moved to plastic cards, accepting payments from cards is still difficult, requiring long applications, expensive hardware, and an overly complex experience.
Square was born a few days later right next to the old San Francisco US Mint.
via About Square