Square reportedly cancels plan to make its own credit card

See the original posting on The Verge

Square has decided against making its own credit card, according to Fast Company. The decision not to move forward comes after CEO Jack Dorsey and the company’s other executives initially expressed excitement over the idea. A Square-branded card would’ve allowed customers to link the plastic with a checking account and, according to the report, track their spending activity with “simple digital receipts” and notifications rather than traditional banking statements.

And while it sounds like the card — which reportedly featured an all-black design free of any logos — was conceived as a debit card alternative, Square was also looking into building rewards programs resembling those that typically come alongside credit cards. The product,…

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