iPhone users will soon be able to join Apple in turning their phone into a credit card reader thanks to a new gadget about to be launched by Mophie.

The Credit Card Reader will be a combination of a dedicated hardware device that bolts on to your iPhone or iPod touch, and third party app that will allow small businesses the ability to take credit card payments on the go.

The move from mophie, who has so far focused on battery packs to extend the life of the iPhone, pits the company up against newly created company Square, created by Twitter founder Jack Dorsey, which also allows iPhone users to take payments on the go.

More information is promised at CES 2010.

We will keep you posted.