I find this fascinating. Basically, with this app and the little “square” piece of hardware that comes with the app, you can turn your iPhone into a credit/debit card reader:
http://www.readwriteweb.com/start/2010/02/square-iphone-scanner-1-dollar.php
I agree that there are security concerns with this. However, if they can overcome those, this could be an amazing technology for non-profits and small businesses. And possibly writers who are selling their own books!
Thanks for that link! I’ll check it out.