Square and Twitter founder Jack Dorsey said that he would like to be mayor of New York during an interview on “60 Minutes” Sunday.
“What I love about New York is just the electricity I feel right away. I mean just look at us in this station. There’s just people walking everywhere and everyone,” Dorsey said.
In his interview with Lara Logan, Dorsey also spoke at length about Square, how the idea for the company first began and how the Square Wallet system can be used. According to Dorsey, the concept for Square first came up when we was with a friend and software expert named Jim McKelvey.
“He was at an art fair and he couldn’t sell a piece of glass because he couldn’t accept a credit card. So, that was, you know, $2,000 lost. And he just got fed up with that. And he came out to San Francisco that next week and we spent the week trying to figure out why no one has done this before,” Dorsey said. “We didn’t know what it was. It was a way to accept credit cards on your phone. That’s all we knew.”
Regarding Square’s current applications, Dorsey said, “People who are using it to sell things on Craigslist to holding garage sales – campaigns – the Obama campaign and the Romney campaign both used Square to raise funds.” Dorsey added that merchants like Square because the fee is less than some credit cards charge. And business at Square is booming, accelerating in three years from zero to $12 billion in annual transactions.
When asked about how Dorsey tackles the competition like PayPal, he said: “Well, you know, our take on this is you can worry about the competition, you can constantly look in your rearview mirror and you can constantly look around and really not notice the road ahead of you. Or you can focus on what’s ahead of you and drive, and drive fast, right? And drive within the speed limit, of course, but drive fast… Faster than everyone else.”
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