The founder of microblogging service Twitter Jack Dorsey hopes his new startup Square will shake up the credit card industry as Twitter did it with the social media. Two weeks ago Square service closed the fourth funding round raising $200M, which increased the value of the company up to $3.2B.
Square allows merchants to use credit or debit cards of customers through their smartphones or tablet computers. The company says that this service is used by about 2M customers at the moment and most of them are small boutiques or stores. At the same time, Square service is widely used by Starbucks coffeehouses network.
According to the founder of the service Jack Dorsey, he uses this technology every day; it was tested with other people, which confirmed the positive attitude to the service.
Note that the investment in the Russian equivalent of Square was announced yesterday - .