Back in September this year when Twitter founder and inventor Jack Dorsey left the company, to a work on a new project, everyone was skeptical at best when he said ‘I came back to St. Louis to find the next thing, and I found it.’ Obviously we are aware of the Genius of a person that Jack is, so expectations are quite high.
Well today he’s revealed this next big thing to world as Square. The idea ‘ let people quickly and easily accept physical credit card payments from their mobile phone. A small device attaches to the phone via the headset/microphone jack. The device gets the power it needs to send data to the phone from the swipe of the card, and sends the information over the microphone connection.
Even before launch Square is now valued at $40 Million with already $10 Million in Venture Capital Backing. By the looks of it, Square is a bold entry into this huge market of physical payments. ‘What PayPal was to eBay, Square is to the real world,‘ said one person close to the company.
The Big credit card companies Visa, Mastercard and American Express are already on board with Square to take credit card payments. Square has already won the attention of the blogosphere, and we will have to wait and watch to see if Square becomes the next big thing.
Enough of the talk, lets have a look at what Square looks like’
I am already quite excited at the numerous possibilities once Square is launched to the general public. Imagine Street vendors being able to accept Credit Card payments without the usual hassle of get merchant accounts, and of course the curse of Paypal fees.
At the moment from the available information Square works on the iPhone platform and Verizon Droid. I am sure Jack and team are looking to extend to the high end Nokia’s and Blackberry devices as well.
If Square takes off, it’ll be a big boost to the credit card companies IMHO. Square is in my heart the next big thing in the world of ecommerce. Paypal sit up and take note. You have a new competitor in town’.