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The Coolest Thing About Square's New Reader

NEW YORK (TheStreet) -- Square, the popular mobile payments company, unveiled a thinner and more accurate card reader.

While it obviously takes a lot of engineering prowess to make the device, which is exceptionally small and 45% thinner than the previous model, the coolest thing about the announcement was the way the company made it, using Vine, which is owned by Twitter (TWTR - Get Report).

Square, and in particular, CEO Jack Dorsey, have been pretty big proponents of using Vine whenever they can, given the nature of the 6-second video social network. It's an interesting approach to make an announcement and could potentially change the way company's announce products.

The reader is used on either smartphones or tablets, and became popular because of the company's association with Apple (AAPL), which offers the reader in its Apple Stores. The new readers will be in about 30,000 retail stores around the country starting next year. Businesses can also order it from Square's Web site.

Dorsey, a co-founder of Twitter (TWTR - Get Report), is also rumored to be looking to take Square public. Recent transactions on the private markets have valued Square as much as $4.5 billion.

--Written by Chris Ciaccia in New York

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