Square Wallet, the digital wallet from mobile payments company Square that allowed people to pay with just their name, may not stay dead for long. During an interview with Re/code on Thursday, Square CEO Jack Dorsey hinted that his company may resurrect the defunct Square Wallet, which was pulled last year after failing to be adopted by consumers and vendors.
Dorsey gushed about Square Wallet and told Re/code that the concept behind it was sound and would likely return. From the Re/code article:
“That’s definitely an experience you’ll see in the future,” he said.
I asked him to clarify whether he was talking specifically about doing something similar again at Square, or that the industry would move in that direction more generally.
“I still want [the Square Wallet] experience, personally,” he said. “I think Square Cash shows a path.”
“I believe that the Square Wallet experience was the peak,” he added, after first talking up new tap-and-pay methods like Apple Pay.
Jack Dorsey’s dazzling startup promised to transform the credit and finance industry with a sweeping, digitized vision of the future. After losing $100 million, has his company lost its edge? Read more >>
The company had problems selling customers on Square Wallet during its last incarnation, as detailed by Fast Company‘s cover story on Square from last year. One major problem Square would face, if it were to revive Square Wallet, is selling customers on it—especially given the difficulty that rival products like Google Wallet (now Android Pay) have had attracting a user base. Though Square’s main product—its payments-processing platform—has been widely adopted by small businesses, the company has struggled to attract and retain users for the other items in its portfolio.
Square officially became a public company today, after filing for an IPO in October; its stock price jumped 45% in its first day of trading.
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This article was written by Neal Ungerleider from Fast Company and was legally licensed through the NewsCred publisher network.