Jack Dorsey, co-founder of Twitter, had been trying to create a new way for consumers to purchase items in a store. His idea was to create an app, which will make store cash registers completely obsolete. To achieve this, Dorsey set up “Square,” a financial services company. Through Square, he set up a free Register app, which is now globally available.
Square Register to Replace Cash Registers
The app is basically a digital cash register. It works on both Android and iOS devices, including phones and tablets, and it allows them to accept a card payment. Additionally, it can provide shoppers with a digital receipt and it can track the inventory of a store. Dorsey’s goal is to encourage stores to no longer use cash registers and instead use their tablets or phones to take payments and control their stock.
Shopkeepers can use the app called Register to get detailed statistics about who is buying their products, what they are buying and when.
Square was tested in a limited number of countries at first.
The software, Square Register, was only available in Canada, Japan and the United States, where it tracked around four million sales a day.
Through the system, businesses were given a small white reader that could accept credit and debit cards. The reader plugged straight into a mobile device. Although this was hugely successful, Dorsey realized that they should focus more strongly on the register. This is where the point of sale is, and although payment is important, it is just one small part of the full commerce system. Commerce, according to Dorsey, is the entire process before and after the transaction itself.
Dorsey is mainly focusing on small businesses, the backbone of any nation’s economy. It is small businesses that drive the national economy, and this, in turn, drives the global economy. Unfortunately, small businesses often have very weak financial tools. Considering that the world is home to 130 million businesses and that 90% of these record their transactions with pen and paper, it really seems to be time to make a change.
What Dorsey understands is that mobile phones are absolutely everywhere. Even the most remote areas now have access to smartphones. This means that small businesses the world over are able to use the new tool and improve their business operations. It will remove inefficiency and inaccuracy, which happens with pen and paper, and thereby grow their business.
Snapcash for Sending Money
Additionally, Dorsey has developed Snapcash. This is a chat function, designed to allow people to send each other money through the popular messaging platform. This too is powered by Square. It is a true intersection of email, messages and text, which has now been combined with the transmission of money. The process of sending, giving and receiving money is now possible in an easy, fluid manner.
People exchange money on a daily basis. We hand over cash bills in a physical transaction. However, people are now spending so much time in the digital world that financial exchanges here have to be just as easy as handing over a $20 bill in a shop.
Of course, digital currencies like Bitcoin and others are nothing new, and they will remain a huge element of the future. Possibly, these types of currencies will change or develop further. They do, however, bring the speed and convenience of the digital world. This needs to be combined with the physical tools people carry on their person – their smartphones – and creating a unified payment method.
Dorsey is still Twitter’s chairman. A significant slump has been seen in the share price of Twitter, which has led to calls for new leadership. Dorsey, however, has no interest in becoming CEO. He wants to focus on Square and the future it holds.