Since the Square Reader was first introduced into the market in 2009, democratizing credit card purchases for the individual, it has been redesigned and redesigned. Yet it is only until this year that the Square Reader has taken on a significantly different look. Previously, the original device would plug into the owner's smartphone, requiring consumers to hand over their card. The new Square Reader design puts the power back into the consumer's hands.
Larger and more handsfree, the new Square Reader allows consumers to tap their card or other payment devices to ensure they feel in more control. Fast Company writes, "The new standalone design was prompted in part by yet another new way to pay for stuff: mobile payment services such as Apple Pay and Google's Android Pay."
Redesigned Card Readers
The Square Reader Undergoes Significant Update for Customer Interactivity
Trend Themes
1. Contactless Payment Readers - Disruptive innovation opportunities for redesigning older payment readers to accept contactless payment options.
2. Handsfree User Experiences - Disruptive innovation opportunities for redesigning devices to allow for handsfree payment and interactive user experiences.
3. Mobile Payment Adoption - Disruptive innovation opportunities for the integration and adoption of mobile payment services into existing payment technologies.
Industry Implications
1. Payment Technology - Disruptive innovation opportunities for companies looking to upgrade their payment technologies with contactless payment options, and more user-friendly and hands-free experiences, in response to consumer demands.
2. Mobile Devices - Disruptive innovation opportunities for mobile device makers to integrate their devices with mobile payment services and interact with payment technologies through mobile apps.
3. Retail - Disruptive innovation opportunities for retailers who want to provide a more seamless, interactive, and user-friendly payment experience for their customers, especially in the wake of the COVID-19 pandemic.