BII CHART OF THE DAY: Square's Growth Underscores The Massive Mobile Payment Opportunity

Business Insider Intelligence a new research and analysis service focused on mobile computing and the Internet. The product is currently in beta. For more information, and to sign up for a free 30-day trial, click here.

Square is now processing payments at a $6 billion a year run-rate. That is up from $5 billion in April and $4 billion in March. Square is currently used by about 2 million merchants and it is starting to expand internationally, which means it still has enormous upside growth potential.

As we discuss in our special report on mobile payments released today, Square’s card reader (the “dongle”), combined with software and services, is the future of mobile payments. The card reader go-to-market strategy is based on backwards compatibility — taking advantage of the existing technology in the market: credit cards. It also lays the groundwork for operators to create new payment technologies which wil eventually displace the ubiquitous plastic cards we all carry around.

Our special report on the future of the mobile payments market →

Square Estimated Daily Payment Volume And Revenues

Feedback? Questions? Send us an email

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.