Square today took the covers off of a new mobile payment system that stands to potentially overhaul how customers pay at retail and restaurants. Created by early Twitter pioneer Jack Dorsey, the self-titled service currently uses a scanning dongle that attaches to an iPhone, iPod touch or notebook through the 3.5mm headphone jack. The add-on scans a credit card and processes the payment through an online system without having to use a relatively expensive commercial card reader and service.
