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Street Food Paid via Your Cellphone: Will Mobile Devices Begin to Replace Cash?

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LA Times technology writer Mark Milian today published a fascinating article on what could be the next big thing: using cell phones to pay for goods and how it could change things in the streets and beyond:

In a potential boon to street vendors, mom-and-pop shops and those who just want to lend a few bucks to a friend, several companies have rolled out ways to use cellphones to process credit-card payments instantly. Square, a brainchild of Twitter Inc. creator Jack Dorsey, enables anyone to accept credit cards using a tiny white attachment and software that can be downloaded to a smart phone.

"The future has arrived," tweeted Mayer Hawthorne, a singer and songwriter who used Square to sell his CDs and merchandise while on the road.

If you've been to the Let's Be Frank truck lately, you might have already seen Square in action.