Square Launches iPhone Payment System

https://www.youtube.com/watch?v=iBieYjxUj5Q

Square, the long awaited iPhone payment system officially launched today, albeit only within the US. The brain child of Adam Lisagor, Square is a revolutionary payment system that lets you plug in a credit card scanner into your iPhone to make and accept payments simply and securely wherever you.

This neat little video explains clearly how the system works. For a small fee of just under 3% and 15c per transaction, you can use your iPhone to manage payments previously only possible over the phone with larger organizations or with expensive equipment.

Hopefully the idea will grow quickly to other countries and other devices – I’m sure an Android app isn’t far off, but for this innovation to become truly ubiquitous it will need to be available quickly to everyone, everywhere.

As a bonus, Square is even going to turn you into a good samaritan, by donating a penny from every transaction to charity. I look forward to seeing this idea gain traction.

Source: Boy Genius Report