Block, Inc. (NYSE: SQ), run by Jack Dorsey, is reportedly on the cusp of launching a new and innovative iPad system that aims to revolutionize point-of-sale payments.

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

This is a significant upgrade from the earlier version as it integrates a physical credit card reader and a tap-to-pay reader into the device, the report said. This will eliminate the need to plug in an external credit card reader, it added.

With the actual picture of the device, it’s likely that Block is getting closer to launching it, the report said. The current version of the Square Stand costs $169. The company earns 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%.

Related link: Why Square, PayPal are top picks in the fintech space for profit

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This post Square (NYSE:SQ) – Jack Dorsey’s Block Reportedly Close to Launching New iPad POS System: Report was original published at “https://www.benzinga.com/fintech/22/04/26557408/jack-dorseys-block-reportedly-close-to-launching-new-ipad-pos-system-report”