| SAN FRANCISCO, June 19
SAN FRANCISCO, June 19 Square, the mobile
payment processing company, on Tuesday announced an updated
software suite that includes customer loyalty features.
The San Francisco-based company, which earlier this month
claimed to have registered 2 million merchants since its
founding in 2009, develops software for business transactions on
Used together, "Square Register," a point-of-sale iPad app
for merchants, and "Pay with Square," a smartphone app for
customers, potentially eliminate the use of physical credit
With the newest update, merchants can design first-visit
deals and customizable virtual punch cards accessible to
customers who enter the store with the Square app on their
The ultimate goal, according to Keith Rabois, Square's COO
and a former Paypal executive, is to offer merchants a
customizable software package that could show customers menus
and deals in what is effectively a store's own smartphone app.
Merchants "can have his or her brand etched onto a
customer's phone," Rabois said in an interview. "We're giving
them the effective functionality of an iPhone app so they can
have their interactions with their customers."
Square, led by CEO Jack Dorsey, the Twitter co-founder, said
last week it was on track to process $6 billion in payments this
year and is looking to enter overseas markets.
Former Salesforce.com executive Sarah Friar joined the
company last week as a chief financial officer.
(Reporting By Gerry Shih; editing by Gunna Dickson)