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News ways to take online payments: Square and iPhone

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There is a lotof buzz about the “new money” online. A classic Web 2.0 story of new technology taking on established giants – in this case the credit card and banking industries.

In February 2009, Jim McKelvey wasn’t able to sell a piece of his glass art because he couldn’t accept a credit card as payment.

Even though a majority of payments has moved to plastic cards, accepting payments from cards is still difficult, requiring long applications, expensive hardware, and an overly complex experience.

Square was born a few days later right next to the old San Francisco US Mint.

via About Square

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