Square, the mobile payment company, revealed its new Square Register iPad application this week. Designed to replace traditional point-of-sales devices at small bricks-and-mortar stores, Square Register uses the popular Square hardware in combination with a free iPad application. The app accepts credit cards and cash payments, and lets merchants track and analyze the history of store purchases.

"I truly believe POS, as you know it today, is dead," says Megan Quinn, director of products at Square, in an interview with USA Today. The company's latest iPad app reinforces this belief with a simple touch friendly way to use Square on Apple's iPad. Square charges 2.75 percent for each card transaction it handles, with no monthly fees or set-up costs — making it a popular choice for small businesses across America.

The little white plastic card reader has caught the attention of President Barack Obama and over one million others. Square also recently received the go-ahead from New York City's Taxi and Limousine Commission for a pilot program that will outfit 30 NYC taxis with its mobile payment technology. With cash registers in its sights, the company co-founded by Twitter inventor Jack Dorsey doesn't show any signs of letting up in its never-ending mission to change the way merchants process credit and cash payments.