Square processing $3M in mobile payments every day

Less than three months after mobile payments solutions provider Square said it was handling $1 million in transactions each day, CEO Jack Dorsey tweeted Saturday that the company is now processing over $3 million in transactions a day. Square (recently named one of the year's top mobile startups by sister publication FierceWireless) processed $66 million in payments during the first quarter of 2011, and executives have said the firm expects that number to triple during the current quarter.

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. Earlier this year, 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.

Payment and credit solutions giant Visa made an unspecified investment in Square late last month, weeks after Apple (NASDAQ:AAPL) began selling the Square card reader unit via the online Apple Store and its brick-and-mortar locations.

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