Twitter`sco-founder, Jack Dorsey preparing to release Portable Credit card reader.
The project is called square " and is essentially a portable credit card reader that utilizes the processing and internet capabilities of the iphone, black berry and other portable devices. CNET reports that the device plugs directly into the portable computer/phone`s audio jack, but I suspect this could be compatible with USB transfer cables. The unit will have an incredible impact on the world and how it conducts transactions. What will be the effects on society with the existence of such a unit?
For starters, it would give merchants a means to set-up storefront at venues where credit card transactions are sometimes impossible. From everything from small concerts to outdoor festivals removed from everything but satellite and cellular phone technology, new opportunities for selling goods will sprout up. The power of the vendor would be put in the hands of many more. If this technology becomes available I am sure fees to use the service will be much less expensive than the systems that are established today for most businesses. As more people can practically use the equipment, the demand will increase for Credit Card processing services.
Yet, with these new opportunities could come a devastating cost; namely, it could divert the power of consumerism so much as to reduce the use of so many of the big companies we have today. Many of these companies are good, and rely on the consumer to choose their products or services so they can sustain America`s economy. I am not sure if things could ever escalate to this level, because of course this is only a possibility. But it is a dark possibility, if one imagines a world where all the business transactions came from individuals instead of big businesses. I say this not because I believe the power of industry and establishment should not be in the hands of the many, but because, the introduction of such a device requires a slow transition at best, and is devastating to jobs everywhere at its worst.
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