Square recently ended a plastic card project out of concerns it would cause friction with the payment company's financial partners, according to Fast Company.

The card prototype was all black with no logo, except for the cardholder's name on the face, the magazine reported, citing unnamed insiders. The card was seen as a way for Square to own "both sides of the counter" by giving Square access to the consumer half of swiped card payments made through its popular mobile card reader, according to the report.

Square discontinued the card due to concerns over legal expenses from complianceĀ—issuing cards would place Square under greater regulatory scrutiny and could force it to register as a bank, according to the report. Other concerns included possible troubles with the card companies, which it relies on for mainstream card acceptance, Fast Company reported. Square did not return a request by PaymentsSource for comment by deadline.

Several other mobile wallet providers offer plastic cards. Google, PayPal and Rogers Communications have all debuted plastic cards as companions to their mobile wallets.

A Square card would have complemented the now-defunct Square Wallet app, which enables payments at Square merchants without the need to swipe a card.

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