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I'm an engineer at Square, so I can neither confirm or deny such speculation ... but in an interview with Wired, CEO Jack said "People understand credit cards. They know exactly what to expect from them. They’re used everywhere. But Square is payment-device agnostic. It doesn’t matter how you pay. Some of our users accept only cash." http://www.wired.com/magazine/2011/05/mf_qadorsey/all/1

Why not accept FaceCash then? The rate is 1.5%, much lower than what you charge now.

Nothing stopping them- until Visa buys them.

Building the technology that could support Visa/MC/Amex alternatives and the userbase that gives it critical mass is probably the best way to get bought out by Visa/MC/Amex at an inflated price. No one says they actually have to ship their alternative payment system.

It can't. They still have to deal with acquirers, credit card issuers, and banks. No escaping that.

Besides their existing partners and infrastructure.

Well, whatever they offer it won't be NFC.