Twitter founder getting into cc processing technology?



Good find, will be interesting to see how it turns out. The technology behind this is not totally new, a few other processors can do transactions from mobile like iPhone / iPod touch apps - innerfence. From what i've seen though most of them use larger clunky terminals to go along with the mobile, unlike this little square that plugs into your audio jack(dunno how that works, but it's cool)

The mobile billing space is going to explode as soon as the bugs and security issues are worked out.
 
Don't no shit about security but couldn't somebody just 'sniff' the packet floating in the air and jack your CC shit? In freshman year me and my roommate were sitting in an 800 person class, he pulled out his PC and within 5 minutes we could have logged into countless bank accounts due to some program called Cain and Abel sniffing packets on the wireless interwebs.
 
oh man the possibilities for security holes. write an unlocked app, steal a bunch of cards, get personal info beyond just charging people shit that you used to need a commercial reader for.
 
This is a great idea but there are a lot of flaws.

What about when the customer drops your iPhone/iPod touch and you have to spend a couple hundred dollars to replace it if its not under warranty? What if they need a paper receipt?

This video of them promoting it is an epic failure:
[ame="http://www.youtube.com/watch?v=DAJR0t-NlPk"]YouTube- Broadcast Yourself.[/ame]


It takes triple the time to type it in and the iPod actually is in the customers hands twice??? I can see thousands of iPods being stolen this way.
Make it signature-less for small purchases, and allow connectivity to a bluetooth/wifi printer for receipts and you have a killer product. It's also going to be difficult for people to give up their email address for a receipt. I'm sure you could market to them once you had their email, which is a good thing - but you need to give people the option of a paper receipt.
 
This is good. I've always had this business fantasy that I worked as a waiter in a restaurant and stole customer's credit card details and sold them to 3rd parties. With such technology, I can transmit the information in real time.
 
JamesH said:
Don't no shit about security but couldn't somebody just 'sniff' the packet floating in the air and jack your CC shit? In freshman year me and my roommate were sitting in an 800 person class, he pulled out his PC and within 5 minutes we could have logged into countless bank accounts due to some program called Cain and Abel sniffing packets on the wireless interwebs.
Click to expand...

nice
 
The technology exists now to make it uneconomical to steal credit card and bank information this way. Whether or not they implement is correctly is a whole other can of worms.
 
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