In the world of mobile payments today, it is, indeed, hip to be Square, as the iPad may soon replace the antiquated cash register thanks to the latest advancements made by the mobile payments innovator.
This week, Square rolled out the “Square Register,” a new application optimized for the iPad that effectively replaces the cash registers of yesterday with a cutting edge “touch-enabled point-of-sale solution” that even sends customers a digital receipt for their transaction.
But Register delivers more than just a new way to check-out. It also helps small business owners create a mobile virtual storefront. Consequently, merchants can display their products (complete with in-depth product descriptions) “on virtual shelves.”
As one can easily imagine, the functionalities provided by Register also assist business owners in no shortage of practical ways – particularly, the improved management of product inventory.
Nonetheless, it’s evident why many industry analysts believe the future of Square could be bigger than anyone may presently imagine.
Jack Dorsey, the CEO of Square and founder of Twitter, revealed over the weekend that the mobile payments system is already processing an incredible $3 million in transactions per day. Just three months ago, Square was seeing only $1 million in transactions per 24-hours.