The hot online ticketing company Eventbrite has launched a credit card reader for Apple’s (NASDAQ:AAPL) iPad and iPhone. The application allows entertainment venues to easily take payments, and Eventbrite CEO Kevin Hartz calls it a “mobile box office.”
But there’s a problem: The space is getting saturated. Just last week, eBay (NASDAQ:EBAY) announced its own card reader, and the space includes other larger rivals such as Intuit (NASDAQ:INTU) and VeriFone (NYSE:PAY).
All of this is bad news for the innovator in the market, Square. The mastermind of the company is Jack Dorsey, who is the co-founder of Twitter. Last summer, he raised a cool $100 million for the company and even got Richard Branson as an investor.
But with the onslaught of competition, Square’s $1 billion valuation looks a bit dicey — and so do the prospects for an IPO.
— Tom Taulli, InvestorPlace