Electronic payments via mobile devices, digital currency

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Notes:

1. Use of mobile payments allows for exchanges where no internet is available, but mobile networks exist. E.G. underdeveloped areas where there are tourists but lacking infrastructure.

2. Bitcoin, Square would allow for traceable exchanges, but raise questions about regulation of currency.

3. Raises a question about the economic impact of digital currency on the U.S. dollar and other global currencies and global exchanges.

https://squareup.com

http://en.wikipedia.org/wiki/Square_%28payment_service%29

I encountered a produce stand using an app/device called Square for running credit cards through an iPhone.

Square is an electronic payment service from the creator of Twitter (Jack Dorsey) that allows users in the U.S. to accept credit cards via mobile devices. Square charges 2.75% on each transaction. Square also allows for sending of paperless receipts via text or email and is available as a free app for iOS and Android OS.

The owner of the produce stand uses Square because it is cheaper than purchasing and running a register. He also mentioned that he originally used Square because the internet was not available in his area but he could reach the mobile network. Certainly, there are security concerns and questions have been raised about the climate of users who rely on Bitcoin or Square - particularly those who deal in cash-only exchanges. However, tuning in to the theme of the state of currencies, with alternatives heating up from the global economic crisis.

More on Bitcoin - coinciding with the issuing of Google Wallet, this is P2P, not B2B - Google has some P2B partners lining up, but solutions like Square or Bitcoin give control to the retailers and the consumer.

"Bitcoin transactions can represent many kinds of operations such as pure peer-to-peer escrow and deposits but user interface software for this advanced functionality is currently underdeveloped."

http://www.bitcoin.org

http://en.wikipedia.org/wiki/Bitcoin

http://www.npr.org/blogs/money/2011/08/24/138673630/what-is-bitcoin#more

Analysis of Bitcoin anonymity (concludes that it is not):
http://anonymity-in-bitcoin.blogspot.com/2011/07/bitcoin-is-not-anonymous.html

Google Wallet launch:
http://www.washingtonpost.com/business/technology/google-wallet-likely-launching-tomorrow/2011/09/18/gIQAtdkBdK_story.html