Square reaches $10 billion in payments per year, stays ahead of a growing pack
It was just this spring that Square had reached a grandiose $5 billion per year payment rate and cemented its position at the top of the mobile payment processing field it practically started. Any attempts to catch up just got a lot harder now that the startup has crossed the $10 billion mark, only half a year later. A fifth of that new rate came in the past two months and hints that the company isn't about to slow down anytime soon. The increase doesn't have any clear driver, apart from wider media exposure, but founder Jack Dorsey notes that this doesn't include the Starbucks deal that took effect just days ago. We know the rocket-like pace won't last forever; all the same, the record-high levels of business undoubtedly give Square a lot of competitive padding when a deluge of recently established alternatives are still getting started.
