Jack Dorsey's mobile payment company Square already allows anyone to accept credit cards through their iPhone or Android Phone.
But today he took a big step to make Square the definitive mobile payments company, and beat Apple and Google to market. And in a first on CNBC interview he gave some perspective on his strategy for both Square, where he's CEO and Twitter, where he's Chairman, overseeing product.
At a press event in San Francisco Square rolled out new mobile payment systems designed to help both retailers and consumers. A new free app, called "Register" makes it affordable for small businesses to accept credit cards, automate checkouts, and measure and manage everything they sell. The company is targeting the 27 million businesses which don't currently accept credit cards, but Dorsey says he'd also like to convert the companies that have credit card registers taking up precious counter space.
Square's also introducing an app called "Card Case" to make it easier for customers to shop. It allows iPhone and Android users to pay with their phones and track their purchase history. Customers can set up a "tab" at retailers they frequent — like a coffee shop or hardware store. When they walk in they can pay instantly with their phone by just asking the store to put it on their tab, without even pulling out their wallet.
Dorsey is pushing Square ahead in a competitive space — the company faces a slew of rivals including eBay's PayPal, as well as Apple and Google, which are both reportedly working on digital wallet technology.
In our interview Dorsey explained why he's not concerned about battling with these giants, and what the similarities are between Twitter and Square. And on the heels of LinkedIn's IPO he says he's in no rush to go public.
Check out our full interview here in this post.