Square has decided against making its own credit card, according to Fast Company. The decision not to move forward comes after CEO Jack Dorsey and the company’s other executives initially expressed excitement over the idea. A Square-branded card would’ve allowed customers to link the plastic with a checking account and, according to the report, track their spending activity with “simple digital receipts” and notifications rather than traditional banking statements.
Square, the payments startup from Twitter cofounder Jack Dorsey, has prototyped a Square credit card. The plastic card is all black, and save for the card holder’s name emblazoned on the face, features no logos–not even Square’s. Over the past year, multiple sources indicate Square employees have been carrying the card–seen here below, partially blurred to protect the card holder’s identity–around in their wallets. However, despite buzz about the potential of a Square credit card, other company sources indicate the project was recently killed. Details of the rumored prototype came to light during reporting for Fast Company’s profile of Square, published this week. As Square seeks to unearth new sources of revenue beyond its core business of payments processing, the company has launched a slew of new products, including Square Market, Cash, Feedback, Invoices, Capital, Dashboard, and on Monday, August 11,Appointments. Some insiders expected the Square credit card would be a promising addition to the mix, potentially opening the company up to a swath of lucrative consumer loyalty and rewards services. But after pressing the company multiple times about the project, Square finally confirmed that it’s not launching a credit card. Or, should we say, the company is no longer launching one. And the reason why highlights the difficulties Square faces in the immensely complex financial space.