Twitter co-founder Jack Dorsey has launched a new mobile payment company called Square.
The new venture is developing a payment service and portable device to allow vendors to process payments, and customers to track their purchases all via their mobile handsets.
Dorsey said the company, which is currently putting its system through a variety of tests, aims at creating a convenient alternative to paper money and receipts.
Square also plans to offer photo authentication services and delivery receipts sent back via mobile phones.