Posted tagged ‘Jack Dorsey’

Twitter Creator Unveils New Venture

December 9, 2009

Twitter creator Jack Dorsey has provided the public with the first public demonstration of his hotly-anticipated latest venture. The new venture is a device that will allow credit card payments by cell phone. And here’s the best part: it’s free!

From CNN:

Details of “Square” — a card reader which plugs into the headphone socket of most mobile devices — have been circulating on the Internet since it was announced earlier this month, but little has been known about how it works or who it was aimed at.

However, Dorsey — whose microblogging Web site has proved hugely popular but not hugely profitable since launching in March 2006 — gave no explanation on how he would make money from his new creation, beyond revealing there would be a per-transaction charity donation.

Square, a tiny cube about an inch in length, contains a magnetic strip reader that allows users to swipe and read credit cards, then deduct payment on or offline through a downloaded application that communicates with card issuers in the same way as retailer devices.

Customers then use their finger on the phone’s touch-recognition screen to sign their name to the transaction.

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