As twitter is looking well set on the Internet and there is quite a following for its profile holders, it is the co-founder and current Chairman Jack Dorsey sent a tweet to its followers stating, “Getting ready to embark on something new and entirely different. And excited” This tweet by Dorsey indeed confirmed what he is next coming up with.

However the project, which is still undercover according to some sources from the industry, is code named as Squirrel.  Squirrel is the service that would allow users to become a merchant on the iPhone in similar fashion as credit card swipers move around to collect payments. This would enable any person to collect credit cars payments on a mobile device same as PayPal act on the Internet.

Squirrel is themed as device to be added on the iPhone as well as iPhone app. As for the requirement of the power it is itself fulfilled by physical swiping of the credit card to then read the card. Hence does not need external power either from the iPhone or any other place. As device appearing like acorn it is code named Squirrel. However Dorsey denied leaving twitter, “I’ll never leave Twitter, it’s my life’s work and baby and I’ll always be a major part of the endeavor, strategically and operationally.  But, I do have some other ideas I’m pursuing and yes, we’re going to launch soon.”