Square Order replacing Square Wallet
San Francisco-based Square is replacing its Square Wallet application with Square Order, a new app that will let customers place and pay for orders before arriving at the business location. The company made the announcement Monday, and has removed Wallet from Apple and Google app stores.
Competition heating up
The decision to focus attention on Order and do away with Wallet comes at an interesting time for the mobile payments company. There is increased competition from other mobile payment applications, including PayPal and Tapingo, which already let customers place pickup orders from a smartphone.
Down $100 million?
There have also been reports that Square is continuing to burn through its cash reserves. The Wall Street Journal reported that Square lost $100 million in 2013. Forbes has also reported that Square is actively seeking a suitor to purchase the company. Square Wallet launched around three years ago, but never gained a strong user base. The app has not ranked in the Top 200 free finance apps in the Apple Appstore for some time, according to re/code.