Dorsey, who was Twitter’s CEO until October 2008 and remains the social network’s chairman, said he came up with the idea for Square nearly a year ago with Jim McKelvey, a glass artist who was frustrated after losing out on a $2,000 sale because he was unable to accept a credit card from a customer.
The two started brainstorming about how businesses and individuals could quickly start accepting credit, debit and prepaid cards over the iPhone and other small electronics, and came up with the idea for a credit card reader that connects to a cell phone.
Eventually, McKelvey and a group of engineers decided they should build a gizmo that hooks up to a standard audio jack, which is common on all sorts of consumer electronics from iPhones to BlackBerrys to laptops.
http://finance.yahoo.com/news/Twitter-cofounder-takes-aim-apf-1023305012.html?x=0&.v=1
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