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.