Square – a unique way to pay

Making credit card payments is always time consuming and tedious. We all hate the long checkout ques at major stores like Wal-Mart and Target. Wouldn’t it be easier if you could pay through your Smart phone? Wouldn’t it be fun if you could plug your Credit Card into your Iphone and make the payment? Wouldn’t it be sustainable if there were no printed receipts and the reciept came in an sms to you? All this and much more is now possible with SQUARE.

Twitter’s Co-founder Jack Dorsey along with Jim McKelvey has introduced another one of his brilliant ideas to the world – Square, the new mobile payment platform. It is a hardware/software device designed to allow payments through a cell phone. It lets vendors quickly and effortlessly accept credit card payments from customers and issues an electronic receipt that goes to the customers phone.

square receipt

Today, the Square website was launched and very soon we will see the product in the market. Square is already being used at a cafe in San Fransisco called ‘Sightglass Coffee’. Square will first be launched with compatibility to the Iphone and later on will be available for all other cell phones.

Square is a small innovative device that attaches to the cell phone via the microphone/headset jack. The device sends the credit card payment information through the microphone connection. Twitter Co-founder Jack Dorsey talks about Square in the following video:

Square is backed by Khosla Ventures. The Square team talks about the Square innovation eperience:

“In February 2009, Jim McKelvey wasn’t able to sell a piece of his glass art because he couldn’t accept a credit card as payment. Even though a majority of payments has moved to plastic cards, accepting payments from cards is still difficult, requiring long applications, expensive hardware, and an overly complex experience. Square was born a few days later right next to the old San Francisco US Mint.

Today the Square team is focused on bringing immediacy, transparency, and approachability to the world of payments: an inherently social interaction each of us participates in daily. We’re starting with a limited beta and rolling out to everyone in early 2010.” (source squareup.com)

We can’t wait to see the launch of Square all over the world. It looks like 2010 will bring technological revolution with it. The future is here!

Images from Squareup.com

Article also published on the Amvona website

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