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Twitter founder in money-making shocker

Is Twitter founder Jack Dorsey really getting into credit card processing?

It's hard to know what to make of an unsubstantiated rumour like this (perhaps we should check Wikipedia), but it's worth sharing the notion that one of Twitter's founders may be ready to launch an iPhone service that allows individual users to process credit cards just like shops can.

Tech Crunch is reporting that a recent Tweet by Twitter co-founder and chairman Jack Dorsey is referring to a project known as 'Squirrel' which will introduce an iPhone application and physical add-on.

PayPal for iPhones

Dorsey's cry of "Getting ready to embark on something new and entirely different. Excited!" apparently means he will attempt to bring payment processing to individuals with iPhones just like PayPal did for the web.

The only other detail hanging out to tantalise us is that the Squirrel dongle will read credit cards by drawing the power required to do so from the physical motion of a single card swipe.

Twitterer in the money?

If Squirrel turns out to be real and charges as much in fees as PayPal does, then it looks like someone associated with Twitter will soon finally be making some real money.