Square now processing $10 billion in payments annually

15th Nov 2012 | 01:03

Square now processing $10 billion in payments annually

Mobile processing startup's milestone doesn't include Starbucks yet

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.

Square Starbucks Jack Dorsey Twitter Groupon Payments credit card readers PayPal Here PayPal Intuit GoPayment mobile payments TRBCExtra
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