Earlier on CNBC, Twitter co-founder Jack Dorsey showed off how his new startup device Square works. A few key points:
- In terms of security: “None of the credit card information or the personal private information… is ever shared or stored on the device. So, everything is encrypted. It goes over a secure channel to our servers, and then it’s sent to the banks, and sent back to us.”
- Their goal is to give the devices away free of charge
- The business model will be based off of transaction charges
- They are aiming for a March 2010 launch
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