Well, it seems that I was wrong on Europe and swiping. A European company is getting ready to launch iCharge, which looks like a clone of Square for many of its features: small card swiper, on-screen signature, location-based, … They don’t mention pictures and loyalty, but I guess that it’s coming next.
The questions about security remain, especially on the European market. If the American market is targeted (or any other non-EMV market), than it’s a fine product, which just has a buzz deficit when compared to Square. Now, if we are talking about Europe, then there is a “Chip & PIN” issue. At least in France, for many people who don’t travel abroad, swiping and signing would at least be an extremely awkward way to pay. And legally, I am not sure that such transactions would be valid.
And also, some European banks (for instance, in France) have (too?) high expectations regarding security, that are unlikely to be met by a bunch of Apple and Android devices that can be jailbroken or hacked. I asked to get the newsletter from these guys, and I’ll keep you posted.