Hinting at the increasing commercial might of handheld devices, mobile payments startup Square says it's now processing over $1 million in payments per day. As TechCrunch notes, Square was processing
a few million in mobile transactions per week as of last fall. At this rate, however, Square COO Keith Rabois is expecting the company to process $40 million in transactions in the first quarter of
the year.
Helping the cause are the 100,000 merchants currently signing up to Square per month -- compared to 30,000 monthly sign-ups last fall. "Square has no doubt created a foothold
amongst small businesses, as the service is free to implement and now has cut out the transaction charge completely," writes TechCrunch -- "a move that competitors VeriFone and Intuit have yet to
make." To scale its business and market to new audiences, Square just raised $27.5 million in new funding.
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