Twitter Founder Talks About “Square”, The New iPhone Payment System

twitter-square-iphone-payment-systemTwitter is venturing into the payment acceptance business by creating a device called “Square”.  They even have a website >> http://squareup.com/.

Twitter’s founder Jack Dorsey said the device, the “Square,” is aimed particularly to enable small transactions for “people like babysitters, dog walkers, golf instructors, flight instructors” to collect payment.

See The Video Interview Below

The small black square plugs into the phone’s microphone socket, turning it into a card reader like the swipe machines widely used in US shops and restaurants. Its official launch is set for March.

And from what I’ve read, it is designed to also work with the iPod Touch.

“A lot of people in the world today are using plastic cards to pay people with… But receiving payments from them is very hard,” Dorsey said while demonstrating the device at LeWeb, an Internet forum in Paris.

Here’s a video from TechCrunch interviewing Jack Dorsey on the Square: