Square iPhone Payment System turns your phone into credit card reader

Everyone and their uncle Steve uses WinCE terminals to execute cashless transactions these days, and while you'd expect Apple to remedy that right quick, the Square credit card reader has beaten it to the punch. Plugging into the headphone jack of either an iPhone or iPod Touch, the dongle takes a swipe of your card, the seller enters the purchase data and you do your best penless John Hancock on the touchscreen. After that, a receipt is delivered by email and the app retains geotagging data for each transaction. Spiffy, right? Well, there is a surcharge to pay, and it's still in early alpha testing in New York, but should it prove popular, there's no reason not to see this appendage make an appearance on Android or WinMo phones as well. Rest easy, Gotham, we're sure nothing could possibly go wrong.

[Thanks, Derek]