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Twitter Co-Founder Launches Square, the iPod-Ready Payment System

After changing the way we thought about social-networking with Twitter, co-founder Jack Dorsey needed another system to revolutionize, tackling the tired system of credit and debit cards. Today, Dorsey unveiled his new project, Square, for all the world to see, launching a Web site and giving Tech Crunch a firsthand look at how his new product works.

Here's the basic idea: Square is a tiny device that plugs into the headphone jack on your iPod Touch or iPhone. Just swipe a credit or debit card to purchase whatever goods or services you desire from the participating business. Then, instead of a pen, you can use your finger to sign on the touchscreen. If you need a receipt, there's an option to request one via your e-mail account, but there are plans to add a instant option sent to your phone via SMS. So no more wallets or purses crammed full of paper receipts. While that's fine and well, perhaps Square's most useful feature is its ability to connect a photo with your account, which could cut down on credit card fraud.

Other than that, we're not exactly sold on this idea. Sure, it cuts down on paper use and gives us that satisfying "cha-ching" feel. But it seems awkward and a hassle to toss an iPhone back and forth rather than just use the current credit card system, or egads, pay cash. [From: Tech Crunch, via: Huffington Post]

Tags: cellphone, credit cards, CreditCards, iphone, ipodtouch, jack dorsey, JackDorsey, money, sms, square, top, twitter