A couple months ago we mentioned Biz Stone, one of the founders of Twitter was starting his own wine business, Fledgling Wine. Another Twitter founder Jack Dorsey is onto his next venture too, Square, a mobile credit card processing company. Square’s break through technology will give anyone the ability to turn their mobile phone into a miniature credit card processing device. This fantastic device could very well revolutionize mobile commerce. The possibilities are endless. Dorsey says it could virtually replace every cash transaction and cites a very realistic example:
Let’s say a friend owes you $30 for dinner last week, but there’s no ATM in sight. Grab the Square device from your keychain, plug it into your phone and tell him to pay up.
Millions of transactions take place on Craigslist with no payment system in place, there is tremendous potential for that market alone. Anyone making a transaction on could easily use a Square’s technology to process the transaction and verify the identity of credit card payee using Square’s system. Square’s technology is already being used by various small businesses as a test market.
