Twitter Founder’s Square Streamlines Credit Card Payments

Square is a new mobile phone payment service founded by Twitter co-founder Jack Dorsey. The service is now in beta and is accepting email requests for accounts. Square provides a means of making seamless mobile phone credit card payments. Card reader hardware is attached to one’s mobile phone or alternate device via the audio jack. It then processes the payment, geotags the location and sends a receipt via email or text.

The service is designed to make it easier for small businesses to process credit card payments, eliminating the expensive hardware involved. The service can also track one’s purchase history at a given retailer, allowing for “Buy 10 Get 1 Free”-style promotions without the need for keeping track of those annoying little punch cards.

Square will initially be set-up to work with iPhone but other versions including a Blackberry and Android are expected in the future. Check out the TechCrunch video below to see the system in action and head to the website for more details. [via CNET and TechCrunch]