Square for Mobile Phones Can Revolutionize Payments

Twitter’s co-founder Jack Dorsey, has launched a new company, Square, which enables people to take credit card payments through their mobile phones (the iPhone application will likely cost only $1). The product is aimed at cutting out the need for merchant accounts with the likes or Visa and Mastercard, but is also intended to allow individuals exchanging money. The company is called Square because the small plastic device which is plugged into the bottom of the iPhone is a white plastic square with a small jack attached. The technology will be easy to use and is scheduled to roll-out early 2010.

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