First Look: Square Processing $10 Billion in Payments Annually

Print
Email
Reprints
Comment
Twitter
LinkedIn
Facebook
Google+

Jack Dorsey has a subtle way of reminding everyone he's on top. Over the social media platform he co-founded, his mobile payments startup Square Tweeted this:

Tech blog Mashable first noticed and commented on the Tweet: 

"A year ago, Square was processing $2 billion in payments per year. It took five more months to hit the $5 billion per year milestone.

"To have doubled its annualized transactions in just seven months is a testament to the success of Dorsey's platform, based on a dongle you plug into your smartphone or tablet and lets anyone swipe a credit card to pay you."

After all, it's Square's idea that has created an entire mobile commerce industry. Bank of America (BAC), eBay's ecommerce arm PayPal and terminal maker VeriFone (PAY) have all rushed to bring their own card readers to market.

Still Square has continued to grow throughout the onslaught. Most recently, Starbucks (SBUX) turned on Square payments at its brick-and-mortar stores after the coffee chain invested $25 million in the company in August. The question is: Will Square be able to withstand all this competition?

BTN's First Look gives readers an insight into what our reporters are reading and paying close attention to.

JOIN THE DISCUSSION

SEE MORE IN

'The Law Penalizes the Consumers It Set Out to Protect': Comments of the Week

American Banker readers share their views on the most pressing banking topics of the week. As excerpted from the Comments sections of AmericanBanker.com articles.

(Image: Fotolia)

Comments (0)

Be the first to comment on this post using the section below.

Add Your Comments:
Not Registered?
You must be registered to post a comment. Click here to register.
Already registered? Log in here
Please note you must now log in with your email address and password.

The FinTech 100

FIS and Tata once again top the annual FinTech 100 list of vendors, ranked by revenue; IBM and Hewlett-Packard lead the pack of tech companies serving multiple industries; and Bionym and Silver Tail are among the 10 Tech Companies to Watch.
DAILY ENEWSLETTER UPDATE

A Newsletter featuring Bank Technology News' top stories plus special reports and data

This feature displays payments industry news and analysis from American Banker sibling brand PaymentsSource. Registration is required; for more information contact customer service.

TWITTER
FACEBOOK
LINKEDIN
Already a subscriber? Log in here
Please note you must now log in with your email address and password.