US-based mobile payment service Square, which enables payments to be taken via a plug-in card reader for mobile phones, says over two million individuals and businesses are now able to accept credit cards and debit cards using its app. A million people started using Square within a year of launch, with another million joining during the following six months. The company currently processes over $6 billion in payments per year.
Keith Rabois, Chief Operating Officer at Square, said “Word is spreading about the simple solution Square provides. With more than 80 percent of Americans using credit or debit cards, accepting and making payments using Square has become part of everyday life.”
The Square Card Reader plugs into the headphone jack of an iPhone, iPad or Android device and allows credit card payments to be taken by ‘swiping’ the magnetic strip. Transactions are charged at through 2.75% of the total value.