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Square iPhone credit card payment system demoed

Digg founder Kevin Rose does a quick demo of the Square payment system for iPhone (oh yeah, he’s now an investor). The system looks pretty innovative overall but it will be interesting to see if they can get the credit card companies to lower their margins on the transactions enough to make it worthwhile.  

What percentage of a credit card transaction would you be willing to give up for the convenience?  3%? 6%?  10%?

By the way, were you quick enough to get the numbers off of Kevin Rose’s Platinum Amex card?

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