Money was round, then rectangular… now it's Square
I picked up on this before; it’s called Square, it’s from Twitter founder Jack Dorsey, and it’s essentially a little add on for you iPhone that allows you to use it as a credit card payment system.
There’s some more details though, coming via ReadWriteWeb.
It’s theoretically going to work with ANY device that has an audio input jack (yep, just a basic headphone socket), which means if they build a version of the app for other mobile devices, it should work for them too. So they won’t live or die on just being an iPhone add-on.
Cost wise, the unit will cost $1. Yep, $1. Where they’ll earn their money though is through commission; Square will take 2.9% of all transactions (and will donate a cent of each transaction to a charity of your choice).
It’s a really interesting, game changing invention I think… if you read the comments on the ReadWriteWeb post, there are some security issues to be worked through perhaps, but I think it really takes the notion of how we transfer money forward a step.
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