Co-Founder of Twitter, Jack Dorsey is launching a new company called Square – which would initially allow iPhone users to accept credit card payments by attaching the square device to the headphone jack. The plan is to allow mobile users to accept and transfer payments to other users using a credit card and this square device.
Here is an excerpt from the AP Article:
“We’re trying to build a utility that scales not just to someone selling coffee in a store but also someone selling their couch or buying a MacBook Pro on Craigslist,” Dorsey said.
Using the so-called “square” is pretty simple. Swipe a card through a slit on its side, and the device will read your credit card number and convert it into an audio signal that can be sent to the iPhone through the audio jack. Software in the iPhone then decodes the signal and sends the transaction data out over the cell phone network to Square’s servers so the purchase can be authorized. Information is encrypted on the iPhone before it gets sent.
By the time this launches – you could pay for a hot dog on the street with your credit card if the vendor had a square and iPhone.
Cash is slowing starting to phase out……
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like “yo i`ll pay u back when i go to the mac machine”
then u say “thats not necessary just give me your card i can swipe it now”
lmao!
real cool glad its going to be available for the droid also
Let’s start stealing phones instead of cards…..Boom….
The money isn’t in a secret vault in the phone dummy. It wires it to your bank. Do people steal credit card machines?
ha ha ha ha ha ha
Oh yeah, and iphones are so hard to hack for information…darn it you’re right.
The last part about cash phasing out is so true….and thats scary yo.
I hope cash doesnt phase out, I pay cash all the time. It annoys me when I’am waiting in line at the shops because someone doesnt have $10 for groceries so out comes the credit card. It is a great app for the iphone though. I agree with aleis though.