According to a revelation made via Twitter over the weekend by Twitter creator Jack Dorsey, the Square mobile payment processing platform is growing at the speed of light.
Dorsey, the CEO of Square, says the mobile payments system is now processing an incredible $3 million in transactions per day. Just three months ago, Square was seeing only $1 million in transactions per 24-hours.
“Boom. @Square processed over $3 million today so far. Big weekend going into a bigger week,” Dorsey tweeted.
What a difference 90 days has made for Square, which transforms mobile phones and tablet computers into a mobile credit card reader.
Incredibly, however, expectations for the quarter are simply being met. Square, which processed $66 million in payments during the first quarter of 2011, was estimated to see that figure triple by the end of the second quarter. It now looks as though the projections will prove accurate.
As the mobile payments sphere heats up even further, Square is bound to benefit from the emergence of an industry that is, to a degree, largely believed to have grown so quickly because of platforms like that of Square. Just last month, in fact, credit card giant Visa announced a strategic investment of an undisclosed amount in Square.
According to Ryan Donovan, a Visa spokesman, “We believe that Square helps to drive acceptance of payment cards in a segment that has been historically underserved.”
Square says an average of 100,000 new merchants are now signing up for the service every month.