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."
Square is rolling out a new mobile gift card service integrated with Apple's Passbook virtual wallet application.
Square is now processing $10 billion in annual mobile payment transactions, up from $8 billion in mid-September and exploding from $2 billion a year ago.
Bank of America is the latest entrant into the booming mobile payments processing segment. The company announced it will introduce the Mobile Pay on Demand platform on Dec. 3.
Beginning today, consumers may pay for their Starbucks Coffee Company purchases using the Square Wallet application for iOS and Android devices.
Square is taking its first steps outside of the U.S. market, expanding its mobile payment processing services to Canada. Square will make its signature Mobile Card Reader available to iOS and Android device users across Canada.