[dpark]

Hence the phrase "in the future". There's no way that Square doesn't see this obvious step. It's probably already in progress.

Also I'm guessing that what Square currently does already requires a money transmitter license, since transmitting money is exactly what they do.

[thinkcomp]

Square does not currently require a license, and they have not yet applied for one in California.

[dpark]

Out of curiosity, where are you getting this info?

From a cursory look, I was under the impression that they would need a license in every state that they'd do business in.

[thinkcomp]

It's all public information.

Square is exempt from the California Money Transmission Act per FC § 1805(d) (see http://www.leginfo.ca.gov/cgi-bin/displaycode?section=fin&#3...), since it's actually JPMorgan Chase Bank, N.A. that is moving your money.

Square does not have a license.

http://www.dfi.ca.gov/directory/mt.asp

And Square has no plans to get one as of last month.

http://www.dfi.ca.gov/publications/summaries/2011/september....

[dpark]

Thanks!

Would it not be possible for them to partner in the same fashion to do direct debit?