Having trouble getting your friends to pay you back that $20? Well now they can swipe a credit card on you phone. It's handy for small business too.
The credit card processing industry rakes in over $40 billion each year a few pennies per swipe. As plastic payments become more ubiquitous, especially with growing online sales, cash is starting to seem obsolete, sadly. Transaction services are safe bet for a growth sector. So it's no wonder a new entrant to the game is bringing the action to mobile phones. And this one might actually help the little guy.
Square is an smartphone app–and a little white square (pictured below)–that lets anyone who downloads the free app process credit card payments right on their phone. All you need is a U.S. bank account, a social security number, and a street address. Oh, and a smartphone with an internet connection. The company will send you the smallest credit card swipe machine you've ever seen. It inserts into the headphone jack of your phone, but you don't even need that to process payments, it's just way more fun. The Wired pop-up store was even giving them away to anyone who stopped by.