Kevin Rose recently did a quick video walk-through of the new technology coming out of the technology startup, Square (started from the mind of Twitter co-founder Jack Dorsey).

Square is looking to do nothing short of causing a revolutionary shift in the way people (small businesses, vendors, entrepreneurs, etc.) take payment for service or products rendered.

When the produced is fully launched to the general public you’ll be able to plug a small device into the headphone jack of your iPhone, enter a total for a transaction, swipe the customer’s credit card, and instantly have authorization and a receipt that you can send them via email.

Check out Kevin’s video below and tell us what you think about this next evolution of monetary transactions coming our way.