Jack Dorsey made Twitter, now he’s back with a new idea that is going to change the face of credit card payments for everyone.
For the last few months, there has been speculation and excitement surrounding the newest project of Twitter’s Inventor and Co-Founder Jack Dorsey. Since stepping down as Twitter’s CEO (and assuming the less time consuming role of Chairman), he’s been hard at work on Square, a new type of payment system for your mobile phone. Yesterday, Jack and his team provided a sneak peek at Square and launched its website. It showed of the Square device, which plugs into any iPhone headphone jack and reads credit cards no matter where you are.
- Square currently has 9 employees, including Jack.
- They currently work out of Jack’s loft. However, they will be moving to a new office on Friday that can house 30-40 employees.
- Jack and his co-founder first thought about the idea back in February, when his co-founder couldn’t accept a credit card payment because he didn’t have a machine with him to do it.
- There are 100 prototypes of the actual Square card reader device, all of them black. They are being distributed to test partners. These will be the only black Square devices the company puts out for the foreseeable future: the rest will be white.
- They chose to use the headphone jack as an input device because it’s a universal port; you can find it on computers and every smartphone on the market.
- Jack hopes to give away the actual Square reading devices for free.
- The app remembers if you’ve paid previously, meaning you don’t have to keep typing in your email address if you want a receipt
- Once they’ve got security and fraud protection down pat, they will launch the Square system to everybody.
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