The smartphone friendly transaction system is now adding a new electronic funds source.
Square has just announced that its Wallet app has been updated for both iOS and Android devices in order to be able to allow its users to make mobile payments through gift cards, in addition to the other funding methods available.
Users are able to send the gift cards directly through Square from their e-receipt.
As soon as a Square customer receives the electronic receipt from a merchant that accepts this brand of mobile payments, he or she is able to send the gift cards directly from that receipt to the recipient of his or her choice.
This is not the first time that gift cards were added to the Square mobile payments system.
Gift cards were first introduced to Square in December 2012. This provided the mobile payments wallet users with the chance to both redeem and offer electronic gift cards. It was designed to provide an easier way for merchants to be able to add gift card programs to their customers. The reason that it was simplified for them is that it eliminated the requirement for a third party gift card provider service.
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The gift card mobile payments option has now been updated to make things even easier for its users. As was the case with the earlier version of the wallet, in which it means that in order to send or receive the gifts, the smartphone users are required to download the free app. Though the senders are likely to already be users, it will mean that if the program is successful, there may be a large number of new users introduced as they sign up in order to receive their gifts.
The newest version of the Square Wallet not only allows the gift cards to be used, but shared as well. This may help the mobile payments service to stand out in a meaningful way and allow it to naturally encourage its own spread as consumers send gifts to one another and receive them through a growing number of app downloads. Only time will tell if it is a true success.