Square - A Step into the Future of Mobile Payment is Here

Another reason why mobile will dominate over the next few years. There's just so much that can be done.

What is Square?
Square is a small little device that accepts credit and debit cards from your mobile device created by Jack Dorsey, the founder and chairman of Twitter.

It’s essentially a small magnetic reader that plugs into the headphone jack of an iPhone. When a credit card (or a debit card) is swiped through the reader, it reads the data and converts it into an audio signal. The microphone picks up the audio, sends it through the processors and then is routed to Square’s software application on the iPhone. From there the encrypted data is transmitted using either Wi-Fi (for iPod touch) or a 3G Internet connection to back-end severs, which in turn communicate with the payment networks to complete the transactions.





Official site: http://www.squareup.com/