Twitter Founders EDC Change iPhone

NEW YORK - One of the founders of Twitter, Jack Dorsey has opened a new company. The company is specialized in mobile payments.

Company called Square that allows merchants and credit card users make payments securely on the phone. This service is believed to make the payment process by using a personal credit card account to more easily and quickly, within 10 seconds.

"The basic idea of this Square service because almost certainly all have a payment card in their wallet, either credit card, ATM card or pre-paid cards, which they can use anywhere for anything membelil products," says Jack Dorsey , as quoted by Wired, Wednesday (2/12/2009).

The card owners can immediately make a payment through Square in less than 60 seconds, with no contracts, monthly fees or other fees. The format is similar to the transaction 'string' ala EDC (electronic data captured). But the difference, EDC tool is replaced with a smartphone.

In the demo video posted by TechCrunch, the merchant no longer need to use the EDC to conduct transactions. Consumer credit card can be swiped directly on the credit card reader device (shaped like a dongle) that is placed on the audio input used smartphone. Then, the iPhone screen will immediately show the transaction data. For verification, the credit card owner can simply sign on the iPhone screen, and sheet transaction receipts can be sent directly to the credit card user's email or directly printed on the transaction.

Unfortunately, Dorsey engga provides information on the benefits to be gained from this service company. But clearly, the fee likely to be obtained equal to the fee earned by traditional merchants present.

In addition, Dorsey said he would donate one cent of every payment transaction is conducted through charity Square to the desired user.