Jack Dorsey, the co-inventor of Twitter, is promoting his latest invention called the Square. The square is a small plug-in attachment to your mobile phone that allows you to receive credit card payments.
This latest invention uses a small scanner that plugs into the audio input jack on a mobile device. It reads information on a credit card when it is swiped. The information is not stored on the device but is encrypted and sent over secure channels to banks. It basically makes any mobile phone a cash register for accepting card payments. As a payer, you receive a receipt via email that can be instantly accessed securely online. You can also use a text message to authorize payment in real-time. Retailers can create a payer account for their customers which accelerates the payment process.
For example, a cardholder can assign a photo to their card so their photo will appear on the phone for visual identity confirmation. There is no monthly fees, or hidden costs to accept card payments using Square and it is expected the plug-in attachment will also be free of charge.
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