A brief history of sQuid
Get ready to forget cash...
sQuidcard intends to become the leading alternative to the debit and credit card networks for sub £10 tap-and-go transactions - a market forecast to grow rapidly, replacing some of the £200bn sub-£10 cash transactions made each year in the UK.
sQuidcard is able to operate its 'Never more than 1.5%' transaction fee because it is implementing an 'alternative' internet-based infrastructure, which avoids the legacy systems and multiple commission layers of the two leading debit and credit card networks. This alternative network approach is similar to Skype's challenge of long-distance telephony, in that it uses internet-based technologies to bring down costs and challenge the cost base of incumbent operators - to the customer's benefit.
sQuidcard is also fully compatible with most transit cards, conforming to the national ITSO standards for transit cards, meaning that a sQuid eMoney 'purse' could be added to a UK transit card from a participating travel scheme to provide a 2-in-1 travel and cash card.
Using a sQuidcard couldn't be easier. You will be able to get one for free, in-store or Online, and top-up at sQuid retailers or online. Its contact less technology will speed up paying at tills and no chip and pin number is required.
Because sQuidcard isn't linked to your bank account or credit card account it works just like cash, except it's safer, as you can cancel your card online if you lose it.
