Square: New Mobile Payment System

December 2, 2009

One of Twitter's founders, Jack Dorsey, just launched Square.

Square is a small plastic device that plugs into a mobile phone or iPod Touch's headphone jack. A buyer can swipe his/her credit cards through the machine, which then transmits the payment data to an application running on a connected iPhone or iPod Touch (Android and Blackberry apps are in development).

According to Square’s website, payees can start accepting payments via Square in under 60 seconds, with “no contracts, monthly fees, or hidden costs.” The company donates one cent from every transaction to the charity of the payer’s choice. In order to create an efficient process, payees can register for Square and upload a photo, so that payees can verify that he/she is who they say they are.

It is not necessary to have the Square gadget or app to pay. All one needs is a credit card and an e-mail address to receive a receipt.

To read more, please visit Square.

Posted in: Industry News