Square, promising app + hardware to accept payments


Twitter co-founder Jack Dorsey announced his new company on Tuesday in appropriate fashion: with a tweet on the network he created in 2006. His new company, Square, allows merchants and individuals accept secure payment from credit (and other) cards using a mobile phone.

“The basic idea behind Square is that everyone has this little plastic device in their pocket today, which is a payment card, credit card, debit card or pre-paid card, and they’re using them everywhere, they’re using them to buy anything,” explained Dorsey in a TechCrunch video demonstration. “We found that very interesting, and we wanted to turn on the other side of that — we wanted to allow people to very easily and quickly, within 10 seconds, be able to accept these plastic devices as payment.”