Square iPhone Payment System is coming now. Square iphone payment system takes the form of a cube with a dock connector just to stay in your iPhone. Combined with the corresponding application, this cube allows you to read and to charge a credit card equipped with a magnetic strip. On the screen of the iPhone, the buyer is prompted for his signature finger to validate the transaction.
The goal is obviously to offer payment very simple and totally secure. As a real payment terminal, the iPhone sends information read from the card and registers the deed of purchase directly. A receipt is sent immediately by SMS or email. Unlike the methods of payment by credit card traditional Square does not require setup fee service, or contract signing. However, a committee would, as always, from the amount of the transaction. I think that Square iPhone Credit-Card Reader will change the Banking Game.
Terminals Square, which eventually should be able to run on any phone with a jack, will be distributed free or at very low price, promised Jack Dorsey. Reserved for micro-transactions, limited to $ 60 initially, they could also be used to exchange money between individuals.
Already occupied by many actors, beginning with Paypal, the market for micro-payments via mobile is a strong trend, already democratized Asia. It remains to be seen whether Square will prove the solution of choice for small businesses and individuals. Below is a video demonstration conducted Wednesday morning in Paris. As can be seen, Jack Dorsey has been the victim of so-called demo effects, namely that nothing ever works as we would when making a presentation in public!
I saw a report on Japan. We could see that using a mobile phone to pay was in common use. Before that can happen to us would have to telephone subscriptions fall by 80%!