Jack Dorsey's Block Reportedly Close To Launching New iPad POS System: Report

Block, Inc. SQ, run by Jack Dorsey is reportedly close to launching a new and innovative iPad system meant to revolutionize point-of-sales payment.

A color image of a third-generation "Square Stand" used by merchants to accept payments was spotted inside the company's point-of-sale app by developer Steve Moser, Bloomberg reported.

This represents a major upgrade to the earlier version, given it integrates physical credit card reader and a tap-to-pay reader into the device, the report said. This will obviate the need for attaching an external credit card reader, it added.

With the actual image of the device chanced upon, it is likely Block is inching closer to launching it, the report said. The current version of the Square Stand is priced at $169. The company stands to earn a 2.6% commission, plus 10 cents, every time a consumer swipes, dips or taps their cards at checkout, it added.

Block shares closed Friday's session at $123.22, down 2.15%.

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