Transaction format is ever changing, with many innovations arising on the horizon. From cash, cheque, EPS to electronic card (such as Octopus), there are many options for modern transaction. Having said that, few would doubt that credit card is the most popular way.
 
Jacky Dorsey, the founder of Twitter, has recently launched ‘Square’ — a transaction system created with Apple and Android users in mind. It is an extension of credit card usage.
 
When a user (seller) signs up on the official website, a free 3.5mm audio port card reader will be provided to be used in junction with relevant programme. Compactable with mobile devices, the user simply types in the amount, swipes card (the buyer’s photo and profile will appear on the screen for double checking), signs on screen, simple and easy. A receipt, complete with the location on a GPS map, will be produced. Square charges 2.75% of the transaction, alternatively 3.5% if the transaction is made without a card reader (in which case the buyer types in their credit card information).

Dorsey proclaims ‘Square intends to bring immediacy, transparency, and approachability to the financial world. We want to enable all people to accept payments instantly, with access to all the information they need, in a way that feels amazing and engaging’. I saw a demonstration clip on the official website, taking through the steps of making a transaction. Square is definitely aiming at individual transactions at this stage.

Text: Vincent Lau | Translation: dilettante
Update: 26 May 2010

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