Printed from http://www.electronista.com

Square reaches $10 billion payment processing milestone

updated 06:19 am EST, Thu November 15, 2012

Mobile payment system increases by five times in one year

Mobile payments system Square has reached a total of $10 billion in payments for the year. The company has increased its rate of payments from $5 billion in the sprint, and is up from the $8 billion figure two months ago. At this time last year, Square was passing just $2 billion in payments per year.

The sudden rise in transactions through Square could be attributed to its recent TV advertising campaign, along with the increased use of mobile devices capable of using the Square reader. The news of Starbucks using the Square Wallet technology in 7,000 stores certainly would have helped, though according to details provided to TechCrunch, Starbucks transactions were not included in the $10 billion total.

The passing of the milestone was announced in an update on Twitter, where the company thanked the growing number of small businesses using the service. Jack Dorsey, founder of Square, also co-founded the microblogging site. After raising more than $200 million in a recent round of funding, the company is estimated to be worth around $3.25 billion.



By Electronista Staff
toggle

Comments

Login Here

Not a member of the MacNN forums? Register now for free.

toggle

Network Headlines

toggle

Most Popular

Advertisement

Recent Reviews

Apple 13-inch MacBook Pro (Early 2015)

Although the new darling of the Apple MacBook line up is the all-new MacBook, Apple has given its popular 13-inch MacBook Pro with Ret ...

Seagate Wireless

It seems like no matter how much internal storage is included today's mobile devices, we, as users, will always find a way to fill the ...

Lenovo Yoga Tablet 2 (Android, 10.1-inch)

Lenovo is building a bigger name for itself year after year, including its devices expanding beyond desktop computers. The company's l ...

Advertisement

toggle

Most Commented

 
toggle

Popular News