Square, a mobile payment company founded by Jack Dorsey, is rumored to be signing a deal to increase partnership with NY to get its card reader into more cabs. The NY Post reported that the deal follows a visit that Dorsey made to NY last week to chat with Mayor Michael Bloomberg and the Taxi Limousine Commission. PrivCo, which posted a photo of Dorsey and Bloomberg in the cab, released the report. Sam Hamadeh, CEO of PrivCo said, “Square will be rolled out in phases: all new cabs will come standard now with an iPad and Square as the payment method, some 1,000 newer cabs will be retrofitted over the course of the next 6 months with iPads equipped with Square. Older cabs nearing end of useful life [would be] exempted.”
Though, Square has denied that the deal is in motion, as did city officials. Square takes a 2.75 percent fee for each credit card swipe, and traditional credit card swipes come with an up to 4 percent fee.