U.S. Bank Connects Square to Digital Wallet Options (July 22, 2013)
July 22, 2013
With its latest move making it easier for customers to pay using the Square Inc. mobile app, U.S. Bank left no doubt it plans to support multiple digital wallet providers. The Minneapolis bank last week announced that its customers may link a credit, debit or prepaid card to the Square app within U.S. Bank’s digital wallet for iOS and Android smartphones. Square Wallet over the last two years has been building a foothold among small businesses; Visa Inc. and Starbucks Corp. are among its investors. Consumers who download the app can use Square to find participating merchants, check in and pay by saying their name, without providing account numbers or passwords.
Payment networks tend to support Square because it expands payment card usage, analysts say. U.S. Bank’s particular goal in adding Square to the various payment options in its digital wallet is to give customers maximum flexibility and choices, said Dominic Venturo, chief innovation officer for U.S Bank Payment Services. “Commerce is changing,” Venturo said, noting that the proliferation of smartphones is altering the way consumers shop, compare products and make purchases, and U.S. Bank wants to assist its customers in using these expanding options.
