The word is Square is about to release their mobile payment system to the iPhone, iPad and the Android platform reports an article over on engadget with word saying the application will hit both the App Store and Android Market this week.

The Square Mobile Payment system utilises a “sugar-cube size” card reader which plugs into a 3.5mm headphone jack and for anyone who signs up for Square Mobile Payment they will gain the device for free.

As far as payment goes, retailers paying fees begin at 2.75% and an additional 15 cent surcharge, but the guys say that’s considerably cheaper than some other options out there.

Square also have pushed out a new video called Square Everywhere which we have for your viewing pleasure below and lasts almost a minute and shows you all about Square so hit it up and check it out…enjoy.