Released: February 25, 2012

Why it’s so hard to transfer cash to your friends

Source: Ron Lieber, The New York Times

A few weeks ago, at a dinner with a dozen or so friends, the check arrived and the usual payment scrum ensued, with cash being passed back and forth across the table. Except for one person, who whipped out the little plastic device made by Square, plugged it into her phone and offered to swipe the credit card of anyone who wanted to give her exact change for their portion of the bill. Square’s service, which makes anyone with a smartphone into someone who can accept credit or debit cards, does not come free. You must pay it 2.75 percent of the transaction for the privilege of accepting plastic, though the person who swipes the card pays nothing.

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