By: Rob Black - Wed, 25 Apr 2012 17:42:18 -0800
Winner: Square Payment Pace Rises 25% Square Inc., maker of credit-card readers for smartphones and tablets, has increased its payment volume 25 percent since March, when Ebay’s PayPal showed off a new mobile scanner and underscored growth in the field. Square, founded in 2009, is processing transactions at an annualized rate of $5 billion, up from $4 billion a month ago, as more consumers embrace mobile payments. Square is making cash from sales before 5 p.m. on any day available in merchants’ accounts on the next business day, compared with as many as five days out for other processors. The market may top $170 billion in transactions by 2015, up from about $60 billion last year. Square, which is closely held, was created by Jack Dorsey, the co-founder of Twitter. Square’s technology enables U.S. businesses to handle payments through Apple’s iPhone or iPad, or through devices running on Google’s Android software. The card reader plugs into the headphone jack of the mobile device. Payments processors are pushing deeper into the mobile-payment market with smartphone readers that allow merchants to accept payments in any location.
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