Report: Square had plans to issue its own credit cards, but nixed the idea

Gigaom

There’s no question that Square has huge ambitions beyond swiping credit cards in the world of payments processing in the world of retail, but in a new report in Fast Company paints an interesting picture about how CEO and founder Jack Dorsey kept one particular lofty ambition in check.

Square planned to launch its own credit card, and was even testing prototype cards among its staff, but later canceled the program as the hurdles became too high, according to Fast Company. The all-black logo-less card was more of debit card than a traditional credit card, and instead of dealing with a financial partner to handle transactions, Square planned to link directly to consumers’ banks accounts. It also aimed to replace the usual paperwork of a card with simple digital receipts, notifications and transaction tracking tools, according to Fast Company.

Square has been getting deeper into consumer finance. It launched Square…

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