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.
However, Dorsey -- whose microblogging Web site has proved hugely popular but not hugely profitable since launching in March 2006 -- gave no explanation on how he would make money from his new creation, beyond revealing there would be a per-transaction charity donation.
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.
Customers then use their finger on the phone's touch-recognition screen to sign their name to the transaction.
Dorsey, Twitter's co-founder and chairman, says the device, scheduled for launch on iPhones and iPods in March 2010, was inspired partly by the "immediacy, approachability and transparency" of Twitter and by the global economic crisis which has exposed a need for a radical rethink of the financial sector.
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