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Credit card payment system to be created for iPhone, looks killer
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With the vast amount of applications available for the iPhone, I find it surprising that something like this has taken so long. 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.
While this may seem scary at first—allowing payments to be made so easily and from a device that is easily lost—iSquare has already been working towards making that a non-factor. For example, one of the images from the site shows a payer verification process in which an image of the payer must be shown to prove he/she is really the person with the credit card. That said, it appears from the still limited site that Square are only accepting a small amount of participants. If you’re able to set up an account, however, you are on your way to instant receipts and payments. And better yet, Square donates a penny of from every transaction to the charity of your choice.
I think this looks amazing, and I can’t wait for it to gain wide spread use.
Product [SquareUp] Via [Mashable]
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