Credit card payment system to be created for iPhone, looks killer

Jack Dorsey, the inventor and chairman of Twitter, has just announced his new startup: Square. Square is aiming to be the ultimate pay-on-the-go credit card system for the iPhone, requiring only a small credit card slider that can be plugged into any device with an audio input jack. Basically, using the powerful abilities of the iPhone SDK and ability to interact with third party hardware, SquareUp will allow iPhone users to make their phone the ultimate payment portal.