As the market for smart phones in the USA hit a new benchmark of an estimated 15 or more people out of every 100 cell phone users, the scramble to load those pocket devices with high-tech applications also hit warp speed. One of the newest ideas to come off the assembly line in early 2010 is from none other than Twitter co-founder Jack Dorsey. Dorsey announced his new company – which is named Square – by tweeting the announcement to his twitter friends and followers. Square lets merchants and individuals accept secure payment from credit cards using a mobile phone. So in a sense it is like PayPal – an Internet-based company that lets its registered users send and receive cash from anywhere in the world by simply using an email address.

But Square will make it even easier, because instead of logging on to an online account all you have to do is find a merchant with a special card-reader device that hooks up to the smart phone’s audio input. Then you sign your phone with your finger, the transaction happens via Square, and you get a receipt for you purchase by email. To make it secure – and to protect users from credit card fraud – the Square includes a photo of you in the application, so the merchant can verify that you are who you say you are and did not just lift the phone from somebody else.

In practical terms that means that you can walk into a bar at the beach, for instance, carrying nothing but your cell phone. The bartender activates it to create your tab, and that’s it. After you have bought rounds for you and all your friends, the bartender just charges your credit card account through the Square application – and you never have to worry about carrying plastic or handing over a credit card to a stranger.

Sign-up is a cinch, and Square says that all you have to do to start accepting payments through the system is to spend one minute registering. There are no contracts, monthly service fees, or other hidden charges, and Square also donates one cent from every transaction to the charity of the payer’s choice.

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