In life, there are two types of things; necessities and luxuries. Those things we need vs. the things we want. Most social media sites and services fall into the latter, the luxuries/wants. We don’t NEED to tell the world what we’re doing at every second, nor do we even need to share pictures of our vacation with every person we’ve ever known. We do need to eat, sleep, produce, and consume…to a certain degree. The world would be a better place if we all consumed much less of everything, but that’s not the world we live in, therefore we do need commerce, which is why Square is coming at the digital and social world from a much more substantial and lasting angle. By simplifying the monetary exchange process, Square is redefining how we’ll make purchases (consumers) and accept payments (retailers), a core process from which an infinite number of revenue channels can be implemented, much wiser than the opposite route of creating necessity out of luxury. Once this new way of payments becomes more prevalent and they start reaping the financial benefits of its licensing practice, it’ll be interesting to see who they monetize the app even further via advertising and partnerships.
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