Fintech Square Launches Debit Card

Fintech company Square has launched a debit card for small businesses. The new product allows sellers who use Square's point-of-sale (POS) system to access funds from sales immediately.

Square has previously launched a debit card for consumers that was tied to Square Cash and marketed for Square merchants. Its application for an industrial loan corporation (ILC) charter is still pending with the Utah Department of Financial Institutions.

CUNA and the state leagues continue to call on lawmakers and regulators to ensure a level playing field between fintechs and regulated financial institutions. While acknowledging that fintechs can offer benefits to consumers, they have urged lawmakers and regulators to ensure a level playing field between fintech companies and financial institutions, from data security to consumer protection.