0
Mobile & Wireless

Square sees increase in payment volume

Friday 27 April 2012 | 13:17 CET | News
Square has increased its payment volume by 25 percent since March, writes Bloomberg citing COO Keith Rabois. Founded in 2009, Square is processing transactions at an annualised rate of USD 5 billion, up from USD 4 billion in March, as more consumers embrace mobile payments, Rabois said in an interview. Square's smartphone readers enable US merchants to accept payments in any location. The company is making cash from sales before 17:00 hrs on any day available in merchants' accounts on the next business day, which is faster than its competition. Square declines to say the ways in which it reduces the process to a single day, citing competitive reasons. With Square, US businesses can handle payments through Apple's iPhone or iPad, or through devices running on Google's Android software. Connecting the card reader to a smartphone is possible by plugging it into the headphone jack of the mobile device. Square's card reader, introduced in 2010, is available at Wal-Mart Stores, Target and Apple outlets. Last month, EBay's PayPal launched PayPal Here, a new mobile scanner that competes with Square's card reader. It charges merchants 2.7 percent on transactions, less than Square's 2.75 percent. Both PayPal and Square accept cards from MasterCard, Visa, Discover Financial Services (DFS) and American Express. Approximately 200,000 merchants have signed up for PayPal Here, EBay said earlier this month. More than 1 million are using Square to accept credit cards, according to the company. Square is aiming to double its staff to 500 by the end of the year. Earlier this month, Ricardo Reyes joined Square as vice president of communications and brand marketing. Prior to joining Square, Reyes ran communications at Tesla Motors and Google's YouTube.

Categories: Mobile & Wireless
Companies: Apple / Ebay / Google / MasterCard / PayPal / Square
Countries: United States
::: add a comment

Add comment

We welcome comments that add value to the discussion. We attempt to block comments that use offensive language or appear to be spam, and our editors frequently review the comments to ensure they are appropriate. If you see a comment that you believe is inappropriate to the discussion, you can bring it to our attention by using the report abuse links. As the comments are written and submitted by visitors of the Telecompaper website, they in no way represent the opinion of Telecompaper.






Vodafone spends most on mobile phone advertisements (30% of gross spendings)
Netherlands  |  2014 Q1, Q2, Q3

Calendar   /   Industry Events

27 Oct Twitter Q3 2014
27 Oct Meru Networks Q3 2014
27 Oct Net Insight Q3 2014
27 Oct PMC-Sierra Q3 2014
27 Oct Ooredoo Q3 2014
27 Oct Telecoms Social Network Summit
28 Oct KPN Q3 2014
28 Oct Grameenphone Q3 2014
28 Oct Digital Realty Q3 2014
28 Oct Harris Corporation Q1 2014/25
28 Oct Telio Q3 2014
28 Oct Extreme Networks fiscal Q1
28 Oct T-Mobile US Q3 2014
28 Oct Facebook Q3 2014
28 Oct Internap Q3 2014
28 Oct Synchronoss Q3 2014
28 Oct Inphi Q3 2014
28 Oct Extreme Networks Q3 2014
28 Oct AppliedMicro Q3 2014
28 Oct WIFI World Summit
28 Oct Powering the Cloud
28 Oct Rich Communication 2014
29 Oct Telenor Q3 2014
29 Oct STMicroelectronics Q3 2014
29 Oct Glu Mobile Q3 2014
29 Oct JDSU Q3 2014
29 Oct Arris Q3 2014
29 Oct Peregrine Semiconductor Q3 2014
29 Oct TE Connectivity Q3 2014
29 Oct Myanmar Mobile Services
::: More Calendar Items