Twitter co-founder Dorsey launches mobile payments firm

Twitter co-founder Jack Dorsey is expanding into mobile payments services via the beta launch of Square, which promises users the tools to accept credit and debit card purchases without relying on traditional credit services and hardware. According to ReadWriteWeb, Square--currently available on Apple's iPhone and iPod touch, with plans to launch across additional platforms in 2010--enables users to accept and swipe cards by means of a small dongle that plugs into the device's audio jack; the dongle cost is unknown, but Square is expected to focus more on the service than on the hardware, additionally promising users no contracts, monthly fees or hidden costs.

Square is backed by Khosla Ventures and a team of angel investors. Alongside Dorsey, advisors include actress Alyssa Milano. Seriously.

For more on Square:
- read this ReadWriteWeb article [1]

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[2]Twitter wants to know ‘What's happening?' [2]
[3]Twitter surpasses 5 billion tweet milestone [3]