Square Now Supports Bitcoin

Square announced today that it’s adding support for Bitcoin to its mobile payments service, which means that buyers can import the digital currency into its mobile wallet and use it to pay for items on the Square Market in stores that support the service. The goal, as far as Square is concerned, is to maintain the product’s relevance as digital currencies become more mainstream, and to ensure that their adoption into the platform is as painless as possible. It’s interesting because one of the biggest barriers to widespread adoption of Bitcoin has been the fact that mainstream retailers don’t accept the currency in their stores; but, if Square accepts Bitcoin in its wallet and the financial transaction is carried out through Square, it means that retailers won’t necessarily notice a difference in their bottom lines as long as the money comes through the Square platform. If alternative currencies are to be accepted by a broader part of society, look for mobile payments providers to play a big role.