Square is the new Mac Store

I've never said this out loud, but I often think to myself that if I had money to burn, I would start a restaurant.  And if I had an idea that I thought would make that money, it would be a mobile payment system.  And if I built it, it would look and feel a lot like the Mac Store - painless, on the spot, with an emailed receipt.

Looks like Jack Dorsey is halfway there with the card-reading, microlocal version of the Mac Store experience called Square (as in "Are we?").  I wonder how long it will be on the hype curve before I see one of these at Dante's Inferno Dogs.  (microlocal insider reference)

Personally, I'm intrigued by the other half of the equation.  Most likely built on the iPhone platform, it would be a bump-like payment application that allows you to pay via mobile device.  It would securely store payment info and just make a smart transaction based on where you are.  Why geotag a transaction when you can figure out who you're trying to pay in the first place based on where you are?

Imagine: you're with a large party at a restaurant. Everyone holds up their iPhones in a cheers-like fashion and with a accelerometer appropriate gesture movement, split the bill and pay.  That's lovely.  Tip and tax?  All squared away.