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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
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