Square has announced that it will bring its popular credit card reader for smartphones to Walmart stores across the U.S.
Square – which was launched by Twitter co-founder Jack Dorsey – said the platform’s expansion into Walmart territory will boost the number of retail outlets where it is sold to more than 9,000.
Square, which launched publicly one year ago, has close to $140 million in funding, according to regulatory filings highlighted today by Bloomberg.
Square’s technology lets U.S. businesses handle payments via Apple Inc.’s iPhone and iPad, as well as devices running on Google Inc.’s Android software. The card reader plugs into the headphone jack of the mobile device and lets merchants swipe customers’ credit and debit cards.
The reader is sold for $9.99, a low price that underscores the real financial incentive to Square – boosting transaction frequency, which drives the bulk of revenue as merchants cough up 2.75 percent of the amount paid to Square.
Square says it is now processing more than $2 billion in payments annually.
