Over two million individuals and businesses are now able to accept credit and debit card payments with Square (view press release.) In its first year of availability, one million individuals adopted the Square credit card reader as a solution for taking card payments. In 6 months, Square has doubled to two million users and processes around USD6 billion in payments a year.
Square’s card reader plugs into the headphone jack of an iPhone, iPad or Android device and allows credit card payments through free, downloadable Square Card Reader and Square Register apps at a rate of 2.75% per swipe. Square merchants have access to their funds the next business day.
Barclays has signed contracts with six of the fintech startups that just graduated from its second New York accelerator programme.
Company card killer Pleo has raised $3m in new funding as it prepares for public launch in the UK and Denmark.
Cheques are become less and less common in the UK according to new research from global market research firm Mintel which claims contactless card use has overtaken cheque payments in the UK for the first time.
Payments for digital and physical goods made mobile operating system-based payments platforms like Apple Pay and Android Pay are expected to boom in the next few years according to new analysis from Juniper.