Squareup
This sounds like a money grab business to me.<p>They'll launch, make a couple hundred mil, then they'll get hit with fraud, a ton of people will lose money, and they'll be forced to shut down, since noone will want to use the service, in fear of getting defrauded.<p>Since there is no barrier to entry, it'll be like 2 weeks before someone comes out with a black market version, that will look exactly the same, but instead of processing credit cards, it'll store them for future fraud.<p>Will be like the ATM snooping devices, but instead of having to get into the bank, all you need is an iPhone, and some "small" business to rob people with. A taxi, or a newspaper stand.<p>Edit: If you are going to downvote, at least tell me how exactly do you think this will avoid fraud from fakers who imitate the look and feel of the device?