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.
PayPal is now selling its PayPal Here credit card reader at 1,800 AT&T Mobility stores across the country. The partnership represents PayPal Here's first U.S. retail deal.
Square has abruptly shut down Checker, a pilot service enabling New York City taxi passengers to more efficiently pay their fare via credit card.
During a leadership conference in Houston, Starbucks executives said that the company will begin using Square Wallet for mobile payments starting in early November. At that time, customers will be able to use the Square directory to find more than 7,000 U.S. Starbucks stores.
Amazon is reportedly working on a mobile payments reader that would pit the digital commerce giant against services like Square and PayPal Here.