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How Apple Changed Square for the Better

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Square is picking up steam. This week, Twitter co-founder and CEO of Square Inc. Jack Dorsey announced it had 500,000 Square card readers shipped and roughly one million transactions processed in May. Not only that, Square is processing $3 million in mobile payments each day from Android and iOS devices. Add an undisclosed investment from Visa last month, and Square's COO Keith Rabois might just be right: There could very well be a 95% chance that Square will do better than PayPal.

Good thing it didn't go with its original name.

Speaking at a conference in San Francisco where he also received the 21st Century Visionary Award, Dorsey dropped a few tidbits on how Square came to be. Among them, its original name was Squirrel and the shape of the dongle was not a simple cube, but an acorn. It wasn't until a lunch at Apple where the name and design was changed.

According to the story, Dorsey was lunching with Apple's SVP of iPhone Software Scott Forstall in 2009. And right there, in the Apple cafeteria, they saw a point-of-sale system made by Squirrel Systems. Obviously, there would have been a potential overlap and thus Square was born.

Still, despite the new name, it would have been interesting to see how many users would have trusted to swipe their credit card through a plastic acorn.

(See also: Despite Apple's Delay, Google Forging Ahead with NFC)
POSITION:  No positions in stocks mentioned.