Square processing $1M in mobile payments per day

Mobile payments firm Square is now processing $1 million in transactions each day, fewer than 18 months after the startup first launched. Square co-founder Jack Dorsey touted the milestone via Twitter. The announcement follows just days after Square stated it will drop its $0.15 per-transaction fees for merchants using the service and arrives just weeks after the startup closed a $27.5 million venture financing round led by Sequoia Capital, with exiting investor Khosla Ventures also participating.

First introduced in late 2009, the Square solution enables small businesses and other users to accept credit and debit card purchases without relying on traditional credit services and hardware. Square users accept and swipe cards by means of a small dongle that plugs into the device's audio jack--the service promises users no contracts, monthly fees or hidden costs. Last month, Square COO Keith Rabois stated that the startup is now signing up 100,000 new merchant partners each month, compared to 30,000 per month in fall 2010.

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