Twitter co-founder Jack Dorsey reveals ‘Square’ – a mobile payment system

Jack Dorsey

After diligently guiding the Twitter social networking site on to the way of immense popularity and enviable success, the site’s co-founder Jack Dorsey Tuesday revealed yet another revolutionizing new startup – ‘Square,’ which is a unique mobile payment system.

Square, a small plastic device that plugs into the headphone jack of a cellphone or iPod, enables individuals and traders to process credit card transactions via a cell phone. The free of cost service, which does not necessitate any contract, helps buyers to swipe their credit cards through the device, which further passes on the payment details to an application running on a connected cellphone or iPod.

Noting that Square will allow cellphone or iPod user to accept credit card payments, Dorsey, during the video demonstration of the device, said: “The basic idea behind Square is that everyone has this little plastic device in their pocket, which is a payment card, credit card, debit card or pre-paid card, and they’re using them everywhere, they’re using them to buy anything.”

Adding that the Square developers were essentially fascinated by the payment cards, Dorsey said: “We wanted to allow people to very easily and quickly, within 10 seconds, be able to accept these plastic devices as payment.”

With Dorsey desiring the public use of Square by early 2010, the beta of the device is being currently tested at some selected cafes and by a few small vendors.