Jack Dosay, Twitter founder's new venture has started taking shape. Square now allows you to accept credit card  payments via a cellphone or iPod.Yes, even from a friend who owes you a dinner.

After his revolutionary social network that allows for short message updates. Is now out to change another aspect of life;Money. Anyone with a cell phone or iPod can now become a merchant and now accept credit card payments. He wants everyone to begin using Square early next year.

According to Square website anyone can receive these payments in under 60 seconds.

In order to accept credit card payment using Square’s iPhone app, a merchant attaches a card-reading dongle to the smartphone’s audio input — or “any device with an audio input jack.” Once the customer signs the phone with their finger, the transaction is complete, after which the app can e-mail a receipt to the customer:

Photo identification confirms the user is the genuine card holder.