The idea – let people quickly and easily accept physical credit card payments from their mobile phone. A small device attaches to the phone via the headset/microphone jack. The device gets the power it needs to send data to the phone from the swipe of the card, and sends the information over the microphone connection. Based on the shots below, the device is compatible with both the iPhone and Android (or at least the recently released Droid).
Think paypal, but anyone can now accept physical credit card payments, too. With no contracts or monthly fees. People are sent receipts by text and email.
We have a short interview with Dorsey as well as a video of the product being used and will post it shortly.