Square takes philanthropic swipe with red reader

February 19, 2014

Financial services startup Square is trying to turn the swipe of a credit card into an act of generosity.

To pull it off, Square is unveiling a red reader as a charitable alternative to the millions of white readers the San Francisco company already distributes. Square's readers plug into the of smartphones and and allow the devices to process payments.

The new color unveiled Wednesday is part of an alliance with (RED), a nonprofit organization that has raised over $250 million to fight AIDS in Africa.

Unlike the free white reader, Square is charging $10 for each red reader. Square will donate roughly $9.73 from each sale to (RED).

Square hopes to sell more than 25,000 red readers to raise $250,000 for (RED).

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