The Square: A Substitute For Cash?
One of the inventors of Twitter has launched a service meant to allow consumers to use their smartphone for to receive credit card payments.
The Square, which was developed by Twitter cofounder Jack Dorsey, is a plastic device that attaches to a phone or iPod, and works with a downloadable application. Purchasers simply run their credit card through the device while the software processes credit card payment data.
According to the Los Angeles Times, the software has begun rolling out in small businesses in California, with a major rollout expected next year. However, the device isn't only for businesses- Dorsey told the paper that he expects individuals to use them, say, in order to pay each other back for money owed.
The cheap-to-make device, Dorsey told the Times, will be free, although the company will likely charge a small amount for the application.