Square is now processing more than $15 billion in payments on an annualized basis, up from $10 billion six months ago. The figure excludes transactions completed by coffeehouse chain Starbucks, which began allowing consumers to pay for purchases via the Square Wallet application for iOS and Android late last year.
It is good to see a Fortune 500 company such as MasterCard concerned with the competitive capabilities of small businesses and pushing for their ability to leverage big data analytics like it does.
Square is building a recommendation engine that suggests nearby places to visit based on the consumer's mobile transaction history, The Verge reports.
PayPal is extending its PayPal Here mobile payment processing platform to Europe, beating rival Square in the race to establish a beachhead on the other side of the Atlantic.
Square is expanding its Register point-of-sale application for Apple's iPad tablet with the introduction of Business in a Box, offering brick-and-mortar retailers a complete point-of-sale system for accepting payments, tracking sales and sharing product and location information.
Square is adding two more high-profile partners to its fast-growing mobile payments network, announcing new agreements with Verizon Wireless and consumer review site Angie's List.
Square COO Keith Rabois is leaving the fast-growing mobile payments startup. Square CFO Sarah Friar will serve as acting COO while the firm searches for a permanent replacement.
The gold rush to win the mobile payment race has attracted a lot of different companies, however it's still unclear which ones will succeed at this multi-billion dollar industry.The ecosystem is currently divided into two camps: vendor-driven and user-driven initiatives.
Two months after Starbucks began allowing consumers to pay for purchases via the Square Wallet application for iOS and Android, the coffee chain is now offering the Square Card Reader for sale across its 7,000 U.S. brick-and-mortar locations.
VeriFone Systems is pulling out of the mobile payment processing segment dominated by Square and PayPal, calling the market "fundamentally unprofitable."