Twitter Co-Founder’s “Square” Could Change The Dynamics Of Mobile Payment System

After penning a splendid success saga in the guise of Twitter, one of the co-founders of the microblogging phenomenon, Jack Dorsey, is foraying into an entirely new business domain that involves easing out the way people accept their payments using credit cards.

His new venture, dubbed as “Square”, enables merchants and consumers to accept secure payments from credit as well as other cards using a cellphone. Dorsey informed about his new business expedition in a typical way: by posting a tweet on the website he created back in the year 2006.

Speaking about the service on a video demonstration posted on TechCrunch, Dorsey said: “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”.

In a bid to capitalise on the ubiquity of these plastic cards, Dorsey further explained they essentially wanted to reduce the time that is need to make a payment

The service doesn’t include any contracts, monthly charges, or other hidden costs, and users can simply kick off accepting payments through Square in less than 60 seconds, according to Square’s website.

In addition, the company will donate one cent from every transaction to any charity organisation the payer opts for.