We last wrote about Square here, an iPhone app that allows consumers to purchase items using their mobile devices. Square was conceived by Twitter’s very own co-founder Jack Dorsey whose visionary thinking may very well change consumerism and e-Commerce online.

As clever as his idea is, we think a serious contender in the form of Verifone’s PAYware Mobile is hot on Square’s heels. PAYware Mobile is a payment application created for none other than Apple’s iPhone and is quite possibly one of the most attractive credit card payment processing tool for small businesses. Like Square, merchants can attach a credit card swiping device to their iPhones and immediately accept credit cards on the go! PAYware Mobile is currently being promoted aggressively by Verifone and guess what? This app is being offered in Apple’s App Store too. How’s that for a rival app?

To show how serious Verifone is about PAYware Mobile going head on against Square, they launched the app just 7 days after Square announced its release. Not only that, they made a huge ad splash on New York City cabs. And if you can see it on those NYC cabs, you can see it everywhere!

Besides the app, Apple retails stores (yes, those brick-and-mortar ones!) will be selling the credit card readers to complement PAYware Mobile’s app.

A little more competition won’t hurt. Let’s see who else jumps on to the iPhone-cum-credit card processing solution bandwagon now, shall we?

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