In the video above Kevin Rose demonstrates the latest invention from Twitter creator Jack Dorsey called Squareup. A service that allows instant credit card transactions through a tiny card swiping device attached to an internet enabled iPhone. The company provides a slick UI for easy on-the-fly processing; while signing and receipts stay virtual. This device solves the awkward management of spontaneous or external cash only events in the wild (pop shops, garage sales, craigslist, craft fairs). Although Squareup has designed the featherweight champ of portable POS systems, they are not alone. Stay tuned for plenty of activity in this market and lets hope the ‘whale’ doesn’t announce your negative balance. (via Venturebeat)
