Business Ideas

The Future of Credit Card Payment is Square

Last month Jack Dorsey the creator of Twitter unveiled his new device and service to make bulky and expensive credit card swiping machines – History.

The Solution goes by the name Square and is being funded by Vinod Khosla of Khosla Ventures fame.(Editors Note – Vinod Khosla is also an investor in SKS Microfinance and Grama Vidiyal Microfinance)

Square - Easy way to recieve credit card payments

Square - Easy way to recieve credit card payments

Twitter co-founder Jack Dorsey announced his new company  in appropriate fashion: with a tweet on the network he created in 2006. His new company, Square, allows merchants and individuals to accept secure payment from credit (and other) cards using a mobile phone.

According to Square’s website, payees can start accepting payments via Square in under 60 seconds, with “no contracts, monthly fees, or hidden costs.” The company donates one cent from every transaction to the charity of the payer’s choice. In order to streamline the process, payees can register for Square and upload a photo, so that payees can verify that you are who you say you are.

Given below is a CNBC Interview with Jack Dorsey, founder of Twitter who explains what Square is about and demonstrates how this credit card swiping system works

Link To Video

Abhay N

Author : 

Abhay is the founder and managing editor of India Microfinance. He is passionate about microfinance, financial inclusion and social entrepreneurship in India.

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  1. CreditCardProf

    March 19, 2010 at 9:48 pm

    this is based on obsolete technology, swiping is out! what about CHIP&PIN? It will come to the US sooner or later. RFID should be the way to go for small payments, as it is done already in the US and Europe….and RFID enabled phones can already accept cards.
    and what about the acceptance fees? they must be high as neither credit card scheme allows the use of a master merchant. i have doubts that this will ever take off.

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