Twitter creator reveals Square mobile-pay device
Paris, France (CNN) — Twitter creator Jack Dorsey Wednesday gave the first public demonstration of his hotly-anticipated latest venture — a device to allow credit card payments by cell phone — and revealed it would be given away for free.
Details of “Square” — a card reader which plugs into the headphone socket of most mobile devices — have been circulating on the Internet since it was announced earlier this month, but little has been known about how it works or who it was aimed at.
Square, a tiny cube about an inch in length, contains a magnetic strip reader that allows users to swipe and read credit cards, then deduct payment on or offline through a downloaded application that communicates with card issuers in the same way as retailer devices.
