It’s been known for a number of months that Twitter inventor Jack Dorsey is working on a new startup codenamed “Squirrel”. Rumors swirled that it may be a mobile payments system, although the name of the venture and its specifics have remained under wraps. Today both the company’s name and technologies have been unveiled.
Dorsey’s new venture is called the Square iPhone Payment System, his new company is Self Edge NYC, and the service’s site will likely be located at SquareUp.com. The service provides a white dongle for your iPhone or iPod Touch that lets you pay without a credit card.