My view on Square is that it does not have unique differentiation.  I mean yeah,  they have cute little readers that plug into your phone or tablet,  but there are a large number of other payment vendors which are very similar and no sign of a &quot;moat&quot;.  Square does not even have the two sided market moat -- the one thing that is certain is that using Square makes Mastercard,  Visa and American Express rich.<p>Banks have been fighting back against smartphone-based systems by pushing contact chip cards instead of NFC cards (out of all the cards I&#x27;ve had replaced this year,  all of them are contact chip cards)