Twitter co-founder Jack Dorsey is a man behind Jim McKelvey, who along with a bunch of others have created the Square, a cellphone attachment that allows the user to accept credit card payments anywhere. The hardware will run the card to the amount inserted into the software by the user. A photo pops up to be matched against the person who gave you the card. It will ring up a receipt that places you on a map and includes a tip calculator, and it turns a touch screen mobile phone into a sign screen. You can then both text and email the whole transaction. Also, one cent of every transaction goes to the charity of your choice.
The whole affair is meant to bring ” immediacy, transparency, and approachability to the world of payments,” reads their about page. Imagine how this could revolutionize the way we handle money – would we even be trading paper currency anymore? Does the value of a particular payment become an even abstracter thing or are we merely perpetuating the same idea that this figure has credence between us because both the merchant and the consumer agree that product and the currency each have roughly the same value?
Regardless, this change is coming, a day wherein most of us can accept payment from anyone with plastic. As a renter, living with other renters, I’m excited about getting my roommates shares with one swipe of a debit card. I like the idea of the faces on those guys that show up to a garage sale with only $5, when they see someone plug a Square in for the first time. Undoubtedly, we are in for a new age of instant gratification.