Twitter creator Jack Dorsey unveiled a hot new venture today.

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

Rumors 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.

More details of “Square” — a card reader which plugs into the headphone socket of most mobile devices — were revealed.

Square, a tiny cube about an inch in length, contains a magnetic strip reader that allows users to swipe and read credit cards, then deduct payment on or offline through a downloaded application that communicates with card issuers in the same way as retailer devices. Customers use their finger on the phone’s touch-recognition screen to sign their name to the transaction.

Interesting…

Fred Lotgering
LotCon Biz Solutions