Square Now Processing $11 Million in Mobile Payments Daily

Twitter co-founder and mobile payment platform pioneer Jack Dorsey announced over the weekend that Square is now processing close to a whopping $11 million a day in mobile payments. Not bad for a company that was only processing $4 million in mobile payments daily last July.

Dorsey made the announcement at the Techonomy conference in Tucson, Arizona.

Dorsey revealed at the conference his belief that Square’s success and rapid growth are rooted in the same fundamental factors that make Twitter work.

“We haven’t defined a lot of how people are going to use them,” Dorsey says, speaking to the versatility of uses that Square and Twitter provide clients. “We don’t want to make Square all about taxi cabs,”” he says. “And we don’t want to make Twitter all about celebrities and politicians.”

Square is still riding high after its recent introduction of its revamped Card Case iOS application, which lets consumers make purchases without ever removing their iPhone from its case or the the users pocket or purse. According to Dorsey, Square continues to offer customers and clients benefits that even NFC technology does not.

“NFC only gives the merchant the identity [of the consumer] after the transaction.” Dorsey says that his platform’s ability to identifying a customer once they hit the door is more effectual and influential when it comes to foster customer convenience and building customer loyalty.