Twitter Creator Demos “Square” - A Device to Allow Credit Card Payments by Cell Phone
Leave it to Twitter co-creator Jack Dorsey to create yet another buzz of excitement in the tech world. On Wednesday, he demonstrated “Square”, a new device that will allow smart phone users to process credit card transactions right on their phone.
A small cube, less than one inch in length, contains a magnetic card reader and is attached to a smart phone. Swiping a credit card allows the user to process credit card payments via a downloaded application in much the same way as normal retailers.
The device is currently being beta tested and scrutinized to minimize the risk of fraud. The device is currently slated for release on the iPhone and iPod Touch in early 2010.
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