Mobile payments cease and desist order received by Square in Illinois

Square Inc. mobile payments nfc technology

Regulators within the state have halted the company from processing transactions until it obtains licensing. Illinois regulators have just slapped Square – a startup mobile payments company that is making a major splash in the industry – with a cease and desist order, saying that it has not taken adequate steps to receive appropriate licensing in the state. This has ground the progress of the smartphone transactions from that company to a halt. It has also meant that a number of small businesses such as coffee shops and other retailers…

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