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Square payment system for iPhones - with no cash

Twitter co-founder Jack Dorsey launched a new startup which has just recently released officially. This new system has a card reader that plugs into the headphone socket. Due to Square payment by credit card becomes much easier with no need to enter manually your credit card data. It’s automatically read from the magnetic stripe and is not stored on the iPhone, but is converted to audio and input through the headphone jack, where it is encrypted and transmitted to Square for processing.

When purchasing something it’s just enough to sign on you iPhone touch screen by your finger.  All you have to do afterwards is to enter the amount, the security code and your signature directly on the touch screen. It’s also possible to associate your photo of yourself with your credit card account through Square’s website. Thus a merchant will make sure that it’s actually you are the owner of the card.

 You can also request a receipt which will be received by you e-mail as well as by sms. Square will also send a link in order to view a receipt’s transaction on the Square’s website.  A big advantage is that the credit card data is never actually seen or retained by the merchant or the Square-enabled device, and even the    e-mail or SMS address is not shared with the merchant.

Square may be a real solution for those exercising small and medium businesses especially in places where no permanent source of power or network connectivity is available. But it’s also very useful for general public allowing them get rid of cash and change and without a risk to lose their money irrevocably.