American Banker magazine named Dorsey its Innovator of the Year because of what he’s done with Square. As the publication points out: “technologists are obsessed with it. Banks have invested in it. And unlike most mobile payments products, customers are actually using it.”
According to American Banker, what Square and Dorsey have done has had tremendous impact on the way the world perceives payments:
Small businesses that never before accepted credit cards, from popcorn stands and coffee shops to PTA boards and taxi drivers, are now swiping customers’ cards through Square devices—and quietly helping the banking industry’s long war against cash in the process. An August deal with Starbucks will aggressively expand Square’s power and presence, giving its digital wallet a national foothold in one of the only stores where customers regularly pay with their phones instead of their credit cards.
Dorsey said that he was “honored and humbled” by American Banker’s recognition.
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