Square Now Processing $3 Million In Mobile Payments Daily

May 23rd, 2011 at 12:22 pm

It has just been over a year, but mobile payments service provider Square may be into something big. It may be enjoying some explosive growth in terms of transaction dollars on its mobile payments service. The company has just reported that it is already processing about $3 million worth of transactions via its mobile app.

Square was unveiled to the public around December of 2009. It is a company that offers mobile phone users to accept credit card payments using their mobile phone along with a small device attached to it. Quite an innovative way for individuals to process credit card payments, Square may be on its way to revolutionize ecommerce by making it easier for even ordinary people with their mobile phones to accept credit card payments. Their recent transaction numbers and exponential growth provide some credence that they might be into the next big thing this time.

To give you some amount of perspective, Square required 10 months since it started before it was able to register $1million mobile transactions per day using their mobile app. Since that time, getting to $2 million in mobile transactions per day took only two months. And now, getting to $3 million a day only took less than a month.

What surprised even Square was the speed of which their mobile credit card payment system caught on among mobile users. And with other credit card companies like Visa eventually joining in, it would further be going on the up for Square. It must be because people perceive this type of payment system not only as secure, robust and safe but also quite convenient. If Square can maintain this perception, then the company might continue to get more and more happy and satisfied clients and customers that would only make their business grow even more.


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