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Dorsey isn't recognized as one of time magazine's 100 most influential people when -- shouldn't be such a big surprise he has after all the creator and chairman of Twitter.
So he gave us a -- no way to communicate now he's giving us a new way to do business.
He's now co-founder and CEO of square that's revolutionary service that allows you to swipe your credit cards on mobile devices.
Should by Joseph joins us now with her guest exclusively Jack Dorsey Shibani.
Thanks Chris slow let's get right into that Jack thank you for being here for this exclusive interview.
You've been a part of -- -- -- pars where he continued to be part of Twitter.
But some big news coming -- -- square is to -- as far as how you are charging your customers first off.
Explain to me what square is for a lot of the people who don't understand it and what news is coming out today.
The easiest way to describe squares -- to show it's a little tiny credit card reader.
They plug into the headphone Jack of your mobile phone your android your iPad your your iPhone.
And you type and amount and then you take repairs credit card you just swipe it through.
And because up authorizes.
And then you hand your phone to your -- and they signed with their fingers.
It's really really simple and then it goes the money goes in your bank account that night and it's all free see that a script dot com you get a reader and you download the -- -- it's called one of the most fifty influential or innovative inventions of 2010 by time magazine.
It's a 119.
Billion dollar business -- global mobile transaction business that's what many estimated to be in 2011.
What is your share of it what are you chasing after in this space.
We're really going after the smaller businesses in the individual services firms like doctors.
And golf instructors and piano teachers and anyone who wouldn't woods was typically not able to accept credit cards now they can start.
You know all of those signs that say under ten dollars cash only and at the local birthday -- say hi Scott since at cafes shops taco trucks whatnot.
Those signs are there because they're paying this fixed fee on top of every transaction today we're announcing.
That square cost -- only two point 75%.
To accept credit cards no fixed fee no fifteen cents on the top of thirty cents on the top.
Not only is -- the simplest way to accept credit cards but now it's the cheapest as well.
A lot of people are playing in the space Google's trying to get into a -- -- into -- a lot of other players has a company like -- going to compete in this very huge an attractive space -- think the biggest thing is.
Everyone already has this piece of plastic in their pocket but no one can accept the form of payment that everyone has in their pocket so we're just enabling -- other side -- enabling.
Everyone to accept credit cards so that then they can start getting into this massive.
Amount of -- let's talk about Twitter -- they're talking a lot about Libya obviously the world's attention was paid paid attention to.
Egypt in the last few weeks as well Twitter played a huge role in continues to play a big role in the way that people are getting their voices out what he's saying and how did -- started.
How do you perceive the whole situation where anything -- role is in this place.
Well I think it's just humbling to see all this unfold -- me the most amazing thing about Twitter is it's a true utility.
Where people can come and use and make their own and they can define it.
In whatever way they want so.
You can talk about you know what you find -- thing in the world you can phone talk about the event unfolding before -- in Egypt or Libya or wherever you are in the world and it.
Degrades gracefully to all of those use -- to.
And you came out very vocal -- about.
A letting egyptians voice come out on Twitter -- yes yeah I mean I think it's important to bring these conversations the surface and that's.
What Twitter is doing is that it's making everything transparent and everything is on the surface so people can see what's going on in the world.
The last -- someone ask you there's a tech IPO bonanza going on this year we have -- -- rat.
As well as others filing -- -- -- is tweeters plans.
For possibly going public.
The company is not really even think about that right now they're they're just figure out building the products and really building the best product that can reach a global audience are no plans for Twitter going public -- big plans for square they're -- news coming out today Jack Dorsey thank you for being here thank you.
-- -- -- -- Thank you should body and Jack wiley did -- caught up on what's going all the markets right now and it is --
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