Square – New Mobile Payment System

Mobile payment systems are not widely used yet. However many experts agree that in the nearest future this tendency will increase. Recently the company Square (namely, Jack Dorsey, one of the founders of the microblog Twitter) has announced a new mobile payment system that can be widely used in the branches of services and merchandise.

Square - Mobile Payments System

To make it work you should get a small module that connects to the iPhone, iPod or laptop via a standard 3.5 mm headphone jack. Basically, you need this device to scan a credit card. The payment itself is performed via the online-system. As a result, there is no need to use relatively expensive card readers and services.

Apart from traditional payment Square uses the internet for the “smart” history of purchases. For example, you can send and receive e-mails instead of conventional paper correspondence. Also the history helps you to get rid of different discount cards.

To date, Square is being tested by a small number of companies and will come to commercial use in the next year. According to the creators, this service will be particularly useful for the representatives of small businesses who usually do not carry devices for credit card reading.

Square seems to be rather convenient. Whether it survives or not, the time will show.

http://squareup.com/

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