Watch Jack Dorsey's Square Device In Action

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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