Twitter creator reveals Square mobile – pay device

Posted on | December 11, 2009 | No Comments

Twitter creator Jack Dorsey Wednesday gave the first public demonstration of his hotly-anticipated latest venture — a device to allow credit card payments by cell phone — and revealed it would be given away for free.

Its too early to predict about the consequences but probably this application has enormous potentials and this is a big breakthrough in the global financial markets. Particularily in developing countires where mobile technologies are very popular, this application will break down the isolation and open up new windows of opportunities for micro bussiness.

Details of “Square” — a card reader which plugs into the headphone socket of most mobile devices — have been circulating on the Internet since it was announced earlier this month, but little has been known about how it works or who it was aimed at.

However, Dorsey — whose microblogging Web site has proved hugely popular but not hugely profitable since launching in March 2006 — gave no explanation on how he would make money from his new creation, beyond revealing there would be a per-transaction charity donation.

Important features of the application

Twitter creator Jack Dorsey’s Square application is like a smartphone PayPal for credit cards Square wants to give away the credit card-reading dongles away for free to merchants. Square also will make it easier for people to buy stuff from each other, say via Craigslist. The app is targeted at small business owners who don’t want credit card merchant accounts

For more information: http://edition.cnn.com/2009/TECH/12/04/square.twitter/index.html

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