Twitter founder Jack Dorsey has launched a mobile payment solution that allows anyone with an iPhone to take plastic
‘Square’, which launched recently with iPhone and Android support, is a small, plastic cube about the size of two sim cards. From its bottom side an audio connector plugs into the headphone port on your phone. A slot in the cube lets you pass a credit card through. When you do, a reader converts the data from the magnetic strip into an audio signal and passes it on to software on the phone.
The age of cash is drawing to a close, and with strong uptake amongst micro-businesses expected, the flexibility of technology such as the Square will mean credit card payment will be possible almost anywhere across the globe. This technology not only enhances financial transaction range, but opens new gateways for data checking for security and healthcare programmes.