Jack Dorsey, the creator of Twitter, has unveiled the company website for Square. Square is a mobile phone payment service which essentially means that you attach this thing to your phone via the headphone and microphone jacks, and you can make or receive credit card payments over the phone. The jacks provide the power the device needs to read the data from the credit card which is sent through the microphone jack. Square pretty much lets you buy things wherever you want to with your credit card.
According to the website, Square will also act like a store credit card offering tangible rewards. They claim that Square will contact the company if you are a frequent visitor and you might be able to receive rewards such as getting a free sub after purchasing five.
This idea will only boost sales for major retailers but on the other side, companies like PayPal might suffer from it. Though there has always been the ability to use your credit card over the internet, PayPal managed to make this process much more painless. But now, with the ability to just pull your card out and swipe it just like at a store, the need for PayPal diminishes.
Square is obviously being advertised as for the iPhone right now; but delving deeper into the website, they are looking for client engineers for Android and Blackberry so we can be sure that Square will be compatible with all three.