Enabling Technologies

Square Reaches a New Milestone, Processed 1 Bn Payments till Date

MEDICI

Since its inception in 2009, Square has processed 1 billion payments thus reaching a new milestone. Jack Dorsey tweeted the following:

square

Square started with a simple card-swipe device that could be jacked onto a mobile phone or tablet. This swipe device enables small businesses, concerned of the costs associated with payment terminals, to accept credit cards. Since then, Square expanded into a provider of small business software with tools like its register platform, appointments app, analytics, and inventory management apps. The company has also branched out into small-business lending with Square Capital. It has kept its presence in consumer products as well with its peer-to-peer payment app, Square Cash, as well as its order-in-advance restaurant app, Square Order.

Square recently announced a new feature as an upgrade to its mobile payments app, Square Cash. The new feature allows users to send or request money using Bluetooth Low Energy (BLE) technology. Anyone can now make a payment from their device by simply tapping the name or photo from a list of those that appear within proximity. The feature works in such a manner that it’s not necessary to know the other person’s contact info.

Square also closed its Series E funding last month. The company raised 150 mn in the round primarily led by a new investor, Government of Singapore Investment Corporation (GIC). Square’s total valuation stands at around $6 bn.

As the battle for mobile wallets is heating up, Square is trying its best through such initiatives to lock in more users and make sharing as fast as possible. We can expect the company to come up with even more features on the mobile platform and attract more users with its mobile payments capabilities. The company doesn’t show any signs of slowing down, either, though it operates in an incredibly competitive space.

MEDICI Team

MEDICI

MEDICI Team is a group of content writers, bloggers, journalists, researchers, and editors from the MEDICI who collaborate to create FinTech insights.

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