Square iPhone Credit Card Swiping Brought by Twitter Founder
The small card reader plugs into a standard 3.5mm headphone socket and Square hopes to enable smaller retailers to take card payments.
Simply pay for your shopping by swiping your card through a small card reader plugged into your iPhone or iPod touch. The payment details entered do not stay on the phone, instead they are transferred to a secure server in a similar fashion to Paypal.
Square CEO Jack Dorsey, co-founder of Twitter, says that the card reader could also be an ideal way to transfer large amounts of cash. Mr Dorsey put forward that Craigslist transactions involving large sums of money could be carried out using the reader.
Square are working on reducing processing time; right now it takes a few days, but theyâ€™re hoping to have the whole transaction done in minutes.