When Twitter founder Jack Dorsey first announced Square mobile payment system, I thought it was a brilliant idea – and it still is. Being able to accept credit card payments on the go, no matter where you are, with an iPhone/iPod/iPad – fantastic.

Square officially launched yesterday (on the iPad, initially) and the technology is already outdated. Square relies on the old fashioned ‘swipe and sign’ method of accepting credit card payments, which while still accepted in the US, is practically non-existent in the rest of the world. Most countries have either already switched to ‘chip and pin‘, or are in the process of adopting this more secure method of accepting credit card payments. The US seems to be lagging behind – but I suspect it won’t be that way forever.

So what does this mean for Square? Does Jack have an ace up his sleeves, or is Square simply going to remain a US-only product, until America joins the rest of the world, with ‘chip and pin’ technology? As brilliantly designed as the Square app and device are – is there a plan for this business to survive in the long-run?