End of last year, we report to you the information that the founder of Twitter, Jack Dorsey, was going to propose soon a payment solution by credit card directly available from the iPhone.
The concept, naming itself Square, included a module to connect your iPhone via the 3.5mm jack and would allow you to read the magnetic stripe on your credit card. Once done, a secure connection allowed you to check the validity of the card and then offered to be able to sign a receipt on the iPhone screen using your finger. Thereafter, once the transaction is completed, a receipt will be automatically sent to you by email, along with the location of your last transaction.
This solution will soon be made available. The application allowing the transaction has been validated on the App Store recently. It remains to be able to order the module allowing to read the magnetic strip of the bank card.
Note that the application also worked from a iPad 3G and will also be on Android.
New promotional video for the product:
We discuss it on the forum.