VIDEO: Kevin Rose demos Square iPhone payment system

Square, the new company offering an iPhone credit and debit card payment system, has got investor Kevin Rose, co-founder of Digg and others, to star in a new promo video.

You can hit play above to jump right into the action as Rose demos the currently at production stage kit that consists of a small swipe reader - certainly smaller than Mophie's recently revealed rival offering.

Functionality includes the customer signing on a screen (do they still do that in the States?), an instantly emailable receipt and the fact that the phone geotags the payment location.

We will keep you posted on news of the Square launch but meanwhile you can find out more over at the official site.