Twitter Co-founder Entices MIT Grads To Work With Him

Jack Dorsey (@Jack), co-founder of social media site Twitter, was at Cambridge for a recruitment program recently, where he urged graduates to join him in his latest technology project. At Cambridge Monday, he indicated his intention to invite some graduates of Massachusetts Institute of Technology (MIT) (@MITnews) to come with him to California and help build and develop Square Inc (@Square), his newest brainchild focusing on mobile payments. Dorsey stated that Square Inc. is geared toward commerce and is designed to finish huge computing tasks within a very short period of time. Square Inc. is one of the pioneers in the mobile wallet industry. The business has been up for three years to-date and is expected to join the likes of Google Inc. and Scyngr. These mobile payment companies have changed the way people buy items anywhere, allowing them to pay using their own smartphones, compared to traditional credit cards or cash. The project anchors on the presumption that people will eventually resort to using their mobile devices when making payments. Square Inc. currently has 400 employees in its headquarters in San Francisco and is expected to grow twice as big by 2013. Expansion is expected to move overseas with about 2 million customers. Before, the company used to process only around $1 billion in total transactions. After just one year, its payment system recorded some $8 billion in payments processed. . Whenever a client uses the Square card reader, a 2.75% fee is charged for each swipe and is without the other fees that are regularly included in traditional POS or point-of-sale products. Paying through smartphones makes the approach a lot easier. Analysts expect a majority of smartphone users to use the device by next year, with many big names and companies also investing in the process. Dorsey is optimistic that he?ll be able to bring in a few brilliant minds from MIT to further enhance the system.