Twitter inventor Dorsey proposes mobile payment system

Twitter inventor Jack Dorsey has proposed his new mobile payment system ‘Square’ at the LeWeb09 event.

Square uses a small device which can be plugged into the headset connection of your iPhone, allowing your mobile device to turn into a credit card reader.  Zip your credit card through the small sweeper and it transmits the encrypted data via WiFi or 3G to the Square systems, where the actual payment takes place.  Via your touch screen you can add your signature.  Afterwards, a confirmation of the payment is received by mail and by SMS.

See it in action here:

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