First, it tackled the credit card transaction process. Now, Square wants to replace the antiquated cash register, USA Today reported.

The company—co-founded by Twitter inventor Jack Dorsey—recently launched Square Register, a free Apple iPad app designed to modernize point-of-sale devices for small merchants.

"I truly believe POS, as you know it today, is dead," said Megan Quinn, director of products at Square. "This will bring Square to an entirely new, small-market audience (bricks-and-mortar stores)."

Read the full story here.