Square Inc., maker of credit-card readers for smartphones and tablets, has increased its payment volume 25 percent since March, when EBay Inc. (EBAY)’s PayPal showed off a new mobile scanner and underscored growth in the field.
Square, founded in 2009, is processing transactions at an annualized rate of $5 billion, up from $4 billion a month ago, as more consumers embrace mobile payments, Chief Operating Officer Keith Rabois said in an interview. The San Francisco company is making cash from sales before 5 p.m. on any day available in merchants’ accounts on the next business day, compared with as many as five days out for other processors.
The market may top $170 billion in transactions by 2015, up from about $60 billion last year, according to Juniper Research Ltd. Square's rivals include Intuit Inc. and Paypal, which has said its mobile-payment volume will jump 75 percent this year to ...See all stories on this topic »
