Square Launches Debit Card Posted by Association of Vermont Credit Unions on 12:03 PM

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

Square 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 credit union 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, lawmakers and regulators are being urged to insure that fintechs providing services similar to a financial institution abide by the same or similar operating requirements, from data security to consumer protection.