This is pretty cool. One of the main things I see is the receipt portion at the end - just like at the Apple store, they email you the receipt, with much more detailed info. The first time I walked into an Apple store *many years ago* I immediately noticed they emailed me the receipt. If Visa or MC set this up, we would (a) eliminate an incredible amount of paper printed (gas stations save $MM's buy asking "would you like receipt" at the automated gas pumps); (b) it would now be incredibly easy to find receipts for exchanges and returns.
I am sure, additionally, now that square found a nice way for i/o into the iPhone, other people will too for RFID readers, bar code, and anything else imagineable. The iPhone continues to grow as a platform due to its versatility, adoption, ease of use, and ease to program for.
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