Jack Dorsey (Twitter founder) – “The Square” live demo, LeWeb 2009, Paris

Jack Dorsey (Twitter founder) is now on stage #LeWeb and speaks about how their users are redefining twitter every day 🙂

The live demo of the day – The Square is a hardware and software app used to communicate with the payment networks to complete transactions and transforms you phone into a POS.

The square is a small magnetic reader (plugs into the headphone jack of an iPhone) and when a credit card is swiped through the reader, it converts the data into an audio signal -> the signal is routed to Square’s software application and therefore you can do a payment with your iphone (encrypted data transmitted via Wi-Fi or 3G to back-end severs).

Video – Jack Dorsey Shows off the Square iPhone Payment System: