Obama and Romney Campaigns Adopt Square for Funding

Social media was a game-changing technology that helped alter the course of the 2008 presidential election. In 2012, mobile payments could be the transformational technology, as millions of political supporters are given the ability to collect money on smartphones for candidates.

On Monday, President Obama’s re-election campaign announced that it would immediately begin using Square, a mobile payments start-up company, with campaign staffers and some approved volunteers.

Mitt Romney’s campaign plans to announced a similar Republican-themed Square application that will allow campaign officials to collect donations on a smartphone.