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.

Square Now Processing $4 Million In Mobile Payments Per Day

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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)

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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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Square Now Processing More Than $1 Million In Payments Per Day (AAPL, GOOG)

Laugh all you want about Square's cute little credit card readers, but it's starting to get some traction, even in these wee days of mobile payments.

Square cofounder and CEO Jack Dorsey says that the company is now processing more than $1 million per day in transactions.

With a 2.75% commission, that suggests Square itself is generating about $27,500 in revenue per day, which puts it on a roughly $10 million revenue run rate.

(It's probably wildly unprofitable, though.)

Still, not a bad start!

Now we'll see what happens later this summer when Apple (and maybe Google) introduce their own mobile payment systems.

Read: 15 Features Apple Must Build Into iOS 5

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Square Now Processing More Than $1 Million In Payments Per Day (AAPL, GOOG)

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uCirrus Raises $4 Million For Datastream Processing Software

uCIRRUS, which markets real-time enterprise operating software dubbed PUSHvm, this morning announced that it has closed a $4 million funding round led by SK telecom Ventures and joined by Qualcomm Ventures and ATA Ventures. The company says the fresh capital will be used to accelerate the product roadmap for PUSHvm, which powers real-time datastream processing and delivery of large volumes of customized data for its clients, thus reducing their infrastructure costs.

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