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.
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