Square now processing $10 billion in payments annually

Jack Dorsey can do the Dr. Evil impression 10 times over

Square, the mobile payments startup founded by Jack Dorsey, is now processing $10 billion in payments annually.

Since Dorsey is also the co-founder of Twitter, the announcement of this milestone came not from a press release, but from a tweet.

"Today we're processing $10 billion in payments annually, an amazing and humbling milestone," said Square, Inc. on Twitter.

Rounding out the 140 character limit, the company credited its users, saying, "To the small businesses growing with Square, thank you."

Square talks

Square spokeswoman Faryl Ury added to that small business-focused sentiment.

"We've seen growth across the board," Ury told TechRadar, "from small food trucks and coffee shops, to retail stores and larger brick and mortar merchants."

A jolt expected from Starbucks

While Square may have a growing user base of small and medium-sized businesses, it's about to add a much larger client with 7,000 national stores: Starbucks.

Starbucks is scheduled to start accepting the Square Wallet this month following the coffeehouse chain's $25 million investment in the startup.

Square faces growing competition from PayPal Here, Intuit GoPayment and Groupon Payments, all of which offer slightly more affordable transaction fees.

However, the company remains the mobile payments leader.

Two months ago, Square reached $8 billion payments processed annually. With the impending addition of Starbucks, the "humbling milestone" tweets should keep on coming.

Source : http://www.techradar.com/news/mobile-computing/square-now-processing-10-billion-in-payments-annually-1112684

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Square now processing $10 billion in payments annually

Jack Dorsey can do the Dr. Evil impression 10 times over

Square, the mobile payments startup founded by Jack Dorsey, is now processing $10 billion (UK£6.3 billion, AUD$965,158,000) in payments annually.

Since Dorsey is also the co-founder of Twitter, the announcement of this milestone came not from a press release, but from a tweet.

"Today we're processing $10B in payments annually, an amazing and humbling milestone," said Square, Inc. on Twitter.

Rounding out the 140 character limit, the company credited its users, saying, "To the small businesses growing with Square, thank you."

Square spokeswoman Faryl Ury added to that small business-focused sentiment.

"We've seen growth across the board," Ury told TechRadar, "from small food trucks and coffee shops, to retail stores and larger brick and mortar merchants."

A jolt expected from Starbucks

While Square may have a growing user base of small and medium-sized businesses, it's about to add a much larger client with 7,000 stores: Starbucks.

Starbucks is scheduled to start accepting the Square Wallet this month following the coffeehouse chain's $25 million (UK£15.7 million, AUD$24,128,950) investment in the startup.

Square faces growing competition from PayPal Here, Intuit GoPayment, and Groupon Payments, all of which offer slightly more affordable transaction fees.

However, the company remains the mobile payments leader.

Two months ago, Square reached $8 billion payments processed annually. With the impending addition of Starbucks, the "humbling milestone" tweets should keep on coming.

Source : http://www.techradar.com/news/phone-and-communications/mobile-phones/square-now-processing-10-billion-in-payments-annually-1112684

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Google Wallet now offering mobile web payments

Evolution of mobile payments continues

The evolution of Google Wallet continued Thursday as Google announced plans to change the way consumers purchase goods through the mobile web.

Instead of being required to fill out lengthy order forms on a smartphone or tablet screen, Google Wallet users can now press one button to have all the busy work taken care of by the service.

Consumers with a Google Wallet account can also use the new "Buy with Google Wallet" button for one-touch ordering.

Currently, Google's research showed 97 percent of customers who attempt to buy goods through a mobile website quit before the order is complete.

By simplifying the process, Google is hoping more shoppers can get the items they want with little to no hassle.

Competition heats up

Since the program is so new, very few mobile sites have adopted the "Buy with Google Wallet" button.

1-800-Flowers.com, Rockport.com and FiveGuys.com have already implemented the new Google Wallet options into each company's respective mobile sites, and Google promises more (like Finish Line and MovieTickets.com) mobile sites will soon be compatible.

This is a pretty big step for Google Wallet, as it now provides a distinct advantage competitor services Apple Passbook and Microsoft Wallet don't yet offer.

Google also has an advantage in that its service works across a variety of platforms, whereas Microsoft Wallet is limited to Windows Phone 8 and Passbook is limited to devices running iOS 6.

With more and more consumers adopting digital wallets and payment options, it will be interesting to see how the wallet wars continue to escalate over the course of the next year.

Source : http://www.techradar.com/news/software/applications/google-wallet-now-offering-mobile-web-payments-1109399

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