Quote of the day: “We don’t currently believe that NFC as a payment technology is likely to improve either the merchan t’s experience or the buyer’s experience,”

Square is betting that consumers will choose its system over near field communications, which lets phones function like credit and debit cards by waving them in front of a reader. The process requires customers to take out a phone and place it near a reader, much like they already do with a credit card, Chief Operating Officer Keith Rabois said in an interview.

“We don’t currently believe that NFC as a payment technology is likely to improve either the merchant’s experience or the buyer’s experience,” he said.