Probably the best analysis of the current Square situation I've read. Karen Webster actually did the analysis, applied her deep knowledge of the payments space, and formulated an original POV vs. just regurgitating soundbites. The biggest challenge with any type of digital wallet, whether or not you have touched the payments of millions of customers, is the behavior change required on the part of both merchants and consumers. Without an incentive that makes paying via a digital wallet easter/better/faster/more rewarding, consumers will stick to plastic and merchants won't invest in new equipment.