Square Now Processing $4 Million In Mobile Payments Per Day
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Showing posts with label payments. Show all posts
Showing posts with label payments. Show all posts
Sunday, July 31, 2011
Square Now Processing $4 Million In Mobile Payments Per Day
Flush with $100 million in new funding, Square is continuing to grow like a weed in the mobile payments space. After passing the $3 million mark at the end of May, Square is now processing $4 million in mobile payments daily, and is on track to reach over $100 million in transactions in July. And COO Keith Rabois tells us that he expects the company to double this volume by October.
In late June, Square raised a massive round of funding, which valued the company above $1 billion. At the time of the announcement, it was revealed that Square was processing nearly $4 million in payments per day, but the company has surpassed that mark a month later. Rabois tells us international expansion is part of the next phase of growth. He expects to initial launch payments capabilities outside of the U.S. in 2012.
Tuesday, July 19, 2011
Google In-App Payments Now Available for all Web Application Developers
A preview of the Google In-App Payments API was introduced at the Google I/O conference back in May. Google In-App Payments purchases were demonstrated as a simple click right within a web app, so buyers could enjoy a developer's content, without interruption.
Google In-App Payments Now Available for all Web Application Developers
Backlink: http://feedproxy.google.com/~r/DTWB/~3/srofezam_nk/
Friday, June 24, 2011
PayPal Is Processing $3 Billion In Mobile Payments This Year (EBAY)
PayPal has announced that they expect to process $3 billion in mobile payments this year, double their previous projections.
This is pretty impressive. Mobile payments are for real. They are processing $10 million in payments per day.
It's also striking that Square is now processing over $3 million per day despite having started much later than PayPal mobile.
A couple of caveats: the PayPal number is "Total Payments Volume", i.e. the amount of payments processed by PayPal; their revenue is a fraction of that. And as we understand it "mobile payments" include buying stuff online through your phone, and not just buying stuff offline with your phone, which is the big next opportunity.
It's still big numbers, though.
Don't Miss: The Truth About Square →
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See Also:
- Is Square Worth $2 Billion? Nobody Knows
- Larry Summers Joins The Board Of Mobile Payment Startup Square
- eBay Takes On Amazon Marketplace With Fulfillment Service
PayPal Is Processing $3 Billion In Mobile Payments This Year (EBAY)
Thursday, May 26, 2011
With Mobile Payments, Now We're Going To See Who Really Has The Power In The Mobile Industry (GOOG, AAPL)
Google formally announced its entry into mobile payments today, a "Wallet" service backed by Citi, MasterCard, Sprint, VeriFone, and other players in the tech and finance industries.
Basically, you'll be able to use your phone to pay for stuff by touching it to a credit card terminal. Cool.
Before you know it, however, Google Wallet will probably have a bunch of competition, from the likes of:
- Apple and other cellphone makers
- AT&T, Verizon, and T-Mobile, which have teamed up for a payments service called Isis
- Banks or credit card companies
- Companies like Square or PayPal that want to get involved in mobile payments
The early winners and losers should tell us a lot about who currently holds the most power in the mobile industry: Consumers, handset companies, OS companies, carriers, software makers, integrators, or a combination.
For example, will a Verizon Droid phone by Motorola support Verizon's payments system by default, Google's, Motorola's, a different service, a combination, all, or none?
More important: Which service, if any, will people actually use?
Over the next couple of years, we'll start to see 1) if consumers actually care about mobile payments, 2) which payments services and models they end up choosing, and 3) if that's because they're the best or because they're the ones with the strongest backers.
A lot of money and a lot of data are at stake, and everybody wants it. So it's going to be a very interesting battle to watch.
Read: Microsoft's Real Windows Phone 7 Problem: Nobody Cares
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See Also:
- Nokia's App Store For Microsoft Already Sounds Way Too Complicated
- Nokia Will Churn Out New Windows Phones Every 3 Months
- Microsoft To Show Tablet Software Next Week
Tuesday, May 24, 2011
Mobile Payments Service by Google Coming This Week!
Google is all set to announce a new mobile payments service later this week. The service will reportedly be offered initially through US carrier Sprint.
Mobile Payments Service by Google Coming This Week!
Backlink: http://feedproxy.google.com/~r/DTWB/~3/PbwESrGN6Cc/
Saturday, May 21, 2011
Mo’ Money: Square Now Processing $3 Million A Day In Mobile Payments
That was fast. Just like that Square passed $3 million in transactions processed, on a Saturday no less, according to a Tweet an hour ago by CEO Jack Dorsey.
The mobile payments startup is seeing an acceleration in transaction volume. It took about 10 months from its public launch for Square to reach $1 million a day in payments going through its mobile app. Getting to $2 million a day only took about two months. And now, less than a month later, it is passing $3 million.
Mo’ Money: Square Now Processing $3 Million A Day In Mobile Payments
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Monday, March 21, 2011
Watch Out PayPal, Facebook Is Getting Serious About Payments (EBAY)
How committed is Facebook about broadening its revenue streams beyond advertising?
So serious that it’s formed a subsidiary, Facebook Payments, Inc., and is registering it in a host of states.
The move could signal an intent by the world’s largest social network to get more broadly involved in the payments business, while also making its business operations more efficient. Right now, it appears unlikely that Facebook will roll out any kind of consumer-facing payments service analogous to eBay’s PayPal — but it could set the stage for such a move down the line.
The subsidiary was formed in Florida in December 2010. Facebook CFO David Ebersman, general counsel Ted Ullyot, and vice president of business development Dan Rose form the entity’s board. Facebook is hiring a controller for the business, which it describes as a “rapid growth, very dynamic subsidiary.” (Facebook did not immediately respond to a request for comment on Facebook Payments.)
Facebook is already in the payments business in a big way. While most consumers use the site for free, it processes hundreds of millions of dollars a year in payments from advertisers. As well, it has a modest but fast-growing business in Facebook Credits, a Facebook-only currency it sells to consumers to let them buy virtual goods in games like Zynga’s FarmVille and Crowdstar’s Happy Island. Facebook splits revenue from Facebook Credits with app developers, meaning it has to disburse funds as well as collecting them.
When you handle that kind of money, credit-card processing fees add up fast. Facebook Payments could form direct ties to Visa and MasterCard’s payment networks, cutting out a merchant-bank middleman and saving on costs.
Also, state and federal regulators tend to take an interest in sizeable money flows. Facebook’s move to register Facebook Payments in multiple states suggests that its subsidiary will take on the prodigious task of complying with a host of local regulations. Early on, PayPal struggled with a similar regulatory burden — but doing so gave it an advantage competitors which hadn’t done so. Facebook board member Peter Thiel, a cofounder and former CEO of PayPal, is certainly familiar with this history.
One other reason why Facebook might need a Facebook Payments subsidiary: the possibility, long rumored in the industry, that Facebook could start its own ad network in competition with Google’s AdSense, which places ads on third-party websites and shares revenues with their publishers. Facebook already has planted a presence across hundreds of thousands of websites with its “Like” and “Share” buttons, comment functions, and other social plugins. It would be easy for Facebook to sign those publishers up for an advertising network powered by Facebook’s detailed demographic information. But then it would have to start cutting checks on a massive scale — something that would be eased by a dedicated payments-processing operation.
Facebook must also be preparing for a future in which mobile payments become big. Facebook mobile chief Erick Tseng said at last year’s MobileBeat 2010 conference that it wants its mobile platform to offer the same features as its Web platform. That presumably includes Credits and other payments functionality.
Finally, we’ve heard murmurs from inside Facebook’s developer community that the social network really wants to push e-commerce on its platform. While Facebook has abandoned past attempts at selling directly to consumers, including a virtual gifts business and a classifieds-ads offering, it makes sense that it would want to run the payments part of any commerce happening on its platform.
And there’s something powerful about the idea of transactions between people with verified, real identities; one has to think Facebook would have an advantage in controlling fraud over rivals like eBay and Amazon.com.
Facebook’s formation of a subsidiary doesn’t make any of these possibilities a guaranteed outcome, of course. But it certainly lays the groundwork for moves that could rattle PayPal, Amazon.com, and the banking industry.
This post originally appeared at VentureBeat.
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Watch Out PayPal, Facebook Is Getting Serious About Payments (EBAY)
Sunday, March 13, 2011
Apple's Mobile Payments Revolution May Have To Wait Another Year (AAPL, MA, V, GOOG)
Apple's mobile payments revolution may have to wait another year.
The Independent (via 9 to 5 Mac) reports that Apple has decided not to include near field communication (NFC) technology in this year's new iPhone after all:
"One source close to the discussions said: 'The new iPhone will not have NFC, Apple told the operators it was concerned by the lack of a clear standard across the industry'. Yet Apple is understood to be working on its own NFC proposition, which would link payments through iTunes. It hopes to introduce the technology in a handset likely to be released next year."
Mobile payments seem like the inevitable future, but Apple is okay to wait if its technology concerns are correct.
It's not like any of its competitors have any promising head-starts. Google, for example, has NFC in a few of its Android phones, but by no means has it caught on for any mainstream uses.
And note that the iPad 2, released this past weekend, doesn't have NFC, either.
Related: Here's What Apple Should Put In The Next Big iPhone Software Update
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Apple's Mobile Payments Revolution May Have To Wait Another Year (AAPL, MA, V, GOOG)
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