After giving out a vague idea about the revolutionary new payment system back in June, Twitter co-founder Jack Dorsey has now unveiled the complete project giving the world a clearer picture of what the mastermind behind the popular micro-blogging website had in mind. The system, which is all set to change the face of credit and debit card transactions, has been christened Square and has been developed in association with Apple.

In a nut shell, Square is a small device which readily plugs into the headphone jack of the iPod Touch or the iPhone and lets users simply swipe their credit or debit card to easily purchase products or services if the other business allows payment via this mode. To sign, the cardholders have to use their finger on the touchscreen of their Apple gadget, and if they require a receipt, one can be requested via e-mail.

Although e-mail receipts are currently being offered, the team is working toward making these available through SMS. Also, Square requires users to connect a photo to their account, thereby reducing the risk of a credit card fraud.

Although not a lot of details have been shared about Square yet, whatever little is out there has been enough to spur the interest of both expert and technology junkies. One thing, however, which is confirmed, is that once Square is up and running, paper usage would definitely be cut down, making it a much environment friendly option.