SquareUP -- Days of PayPal Numbered?

It was a great news today when I opened my google reader. I found that the co-founder of Twitter has started a new company known as "Square UP"

Square UP:

This is a startup which is dealing with a mobile payment system. You can connect a payment device through your iPhone Audio jack and can swipe any credit card.

This will fetch all the details of the payee and the payee can pay the amount he wish to pay to he person.

You can see more details about this in the website.

Why this will become a SUCCESS?

This product is going to become a successful model due to the following reasons.

• Tie Up with Mastercard, Visa and other banks.
• Easy to use
• Faster transaction with instant alerts
• Very compact feature

Other Interesting Information

There are few interesting facts about this too like

• The project is funded by Khosla Ventures - Vinod Khosla headed company who was founder of SUN microsystems.
• Khosla ventures has funded around $10 million which is not a small amount for a startup.
• It is headed by Co-Founder of twitter.
• The overall funding for this project is around $15 Million.
  

Now the industry is expecting a very positive results out of this.

This company will pose a direct threat to PayPal which has dominated the payment market from a long time.

The only way to see the outcome is just wait and see the movement of the startup.

I will keep you posted regarding this.


To get more information you can follow me on twitter at http://twitter.com/hardikupadhyay

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Hardik Upadhyay