By Andrew Liszewski A new iPhone based payment system known as ‘Square’ is currently being alpha tested at the Self Edge store which recently opened in New York City. The payment system uses a custom app as well as a small credit card reader that fits in the headphone jack of an iPhone or iPod Touch. The card’s swipe data is transferred to the app where the payment is processed,

complete with a digital signature confirmation. Besides keeping the whole process paperless thanks to email-friendly digital receipts, the Square system even allows someone like a hot dog vendor on the street to process credit card payments as long as they have a wireless data connection. [ Cool Hunting - Square iPhone Payment System ]

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Square iPhone-Based Payment System Features A Tiny Credit Card Reader