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During the firm’s latest quarterly conference call, VeriFone chief executive Doug Bergeron announced the move and said that its own mobile payments service Sail, which allows small merchants to... accept debit and credit card payments, had been largely unprofitable.

“Customer acquisition costs, either through search engines or TV advertising, cannot and will never justify the razor...

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“The era of standalone machines is over,” said Rabois, when speaking to AllThingsD. “Everyone will be migrating to iPads and comparable devices, which will be powered by an app —... that is, hopefully, Square.”

When pushed on a timeline for this, Rabois said that this move would happen over the next 18 months.

Mobile payments firm Square allows individuals and bus...