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Twitter Co-Founder Launches Square, Mobile Payment Service

Jack Dorsey is one of the co-founders of Twitter and he has come up with a brand new project called Square. This initiative is all about mobile payment, using a small square dongle attached to a phone via the 3.5mm audio jack. This accessory will allow for credit card swiping.

iPhone-Square

Sellers will get their receipts sent via email and they’ll also get approval SMS messages, if needed. All the required info will be available via cloud solutions for later checking. Buyers will be able to use a touchscreen to sign for purchases and there’s even an extra security feature, asking personal questions to the sellers.

For example, the seller can get a question that asks if the person buying a certain item looks like this (with a photo attached to the question). Also, there’s a philantropy side to the initiative, since Square will donate a penny to a charity for each sold product. Expect the service to go live as a beta on the iPhone and Android platforms.

[via intomobile]