Jack Dorsey, the ex-chairman of Twitter, has a new startup, called Square.
Square is how we thought we were going to pay for things 10 years up the road, but now. Square lets you scan a credit card to your mobile device. You may be thinking, “this sounds really fishy”, but it really isn’t. It uses online data to let you see whos credit card your scanning. After scanning the card, the person is required to sign the screen. This isn’t just for anyone. It is intended for small businesses. Say a local coffee shop wants this, all they have to do is email Square and they can receive a free unit. The Square swiping device plugs into any audio jack. It creates power by the swipe of the card.
Another really cool feature is the rewards program. If you frequent a coffee shop and they have a program such as, “buy 10 coffees receive a free one”, Square helps. The square application will alert the “cashier” that you are eligible, saving you from carrying around those annoying cards, you always forget or lose.
There are no need for receipts. All of the items you bought will be saved to an account that you can access through Square’s website to see what you have bought.
This whole new technology is amazing. I really hope it expands. This will bring a ton of new ideas to the table.