Square processing $4M in mobile transactions every day

Square is now processing $4 million in mobile payments each day, up from $3 million in late May. Square COO Keith Rabois told TechCrunch the firm is on pace to eclipse $100 million in transactions in July, adding that it now processes more than a million transactions every month. Apple's (NASDAQ:AAPL) iPhone generates 45 percent of all Square transactions, with the iPad yielding 21 percent and the iPod responsible for 3 percent; Android devices account for the remaining 31 percent.

First introduced for the iPhone in late 2009, Square enables small businesses and other users to accept credit and debit purchases by swiping cards through a small dongle that plugs into the device's audio jack. Square charges a fee of 2.75 percent on each transaction, and promises users no contracts, monthly fees or hidden costs. The startup has shipped more than 500,000 card readers over the last year.

Earlier this summer, Square completed a new venture financing round totaling $100 million, vaulting its valuation to more than $1 billion. Kleiner Perkins Caufield & Byers led the round, with participation from Tiger Global Management. In February 2011, Square closed a $27.5 million round led by Sequoia Capital.

Tech consultancy firm the Yankee Group forecasts global mobile transactions will grow to $984 billion in 2014, up from $162 billion in 2010. Square, however, faces stiff competition from the likes of Isis, the joint venture established by Verizon Wireless (NYSE:VZ), AT&T (NYSE:T) and T-Mobile USA in late 2010. Another challenger: Google (NASDAQ:GOOG) Wallet, which aligns the digital services giant with U.S. network partner Sprint (NYSE:S) and financial services providers MasterCard, Citi and First Data to enable subscribers to purchase goods and redeem coupons and loyalty rewards via Android smartphones. In addition, eBay-owned PayPal projects its 2011 mobile total payments volume will reach $3 billion.

For more:
- read this TechCrunch article

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