sQuid in the news

Recent news < article
eMoney news < article
sQuid schemes - eMoney < article

"Squid's in for low-value purchases"
29 July 2006 — The Grocer

A new cash replacement card for transactions below £10 is to be launched in the first quarter of next year.

sQuid card, a pre-loaded card that uses similar "tap and go" technology to Oyster, is aimed at retailers that handle high volumes of low-value transactions and who would usually refuse to process card transactions at such levels.

Using a radio frequency reader, the card will connect via the internet to a central payment engine that checks and authorises payment in two to three seconds - far quicker than most debit and credit card transactions.

sQuid chief executive Adam Smith said that equipment installation and rental costs were similar to those of Chip & PIN, but transactions were much cheaper to process because the system was simpler.

Smith added sQuid had secured backing from a number of major retailers and would be rolled out across London and another major city in the first quarter and then other cities in the course of the year.