Square - New mobile payment launched by Twitter co-founder Jack Dorsey

Twitter co-founder Jack Dorsey has launched a new mobile payment service called 'Square'. The mobile payment service lets people quickly and easily accept physical credit card payments from their cellphone.

A small square dongle using the 3.5mm headset/microphone jack allows for credit card swiping. The device gets the power it needs to send data to the phone from the swipe of the card, and sends the information over the microphone connection. As a payer, get your receipts sent to your email or mobile phone instantly and access them securely online. You can use a text message to authorize every payment in real-time. With photo verification, Square users can also visually confirm you are the card holder. No word on a release date or device compatibility, but from the shots the device is compatible with both the iPhone and Android.

More information about the Square mobile payment service, visit the official website.