Square, Intuit and PayPal - oh my!

Well, well, well. I see that both Intuit and Paypal are now getting into mobile payments with Square. I wonder how long it will take for someone to build a credit card reader that not only processes the card, but also logs the details of the card to the smartphone (for later use); put a nice MasterCard or Bank of America logo on it and you'll fool most people. Or maybe the right question isn't when, but who's already doing it?