Square’s merchants have reached an impressive sales volume, collectively processing more than $100 million in a single day.
The company noted in a Wednesday announcement that sales volume of this kind would rank it as the 13th largest US retailer when it comes to annual sales.
Square is continuing to hold its own in an increasingly crowded and complex market, but it is unclear whether the company can sustain this growth. Amazon released its own $10 credit card reader earlier this year, and PayPal also looks as if it will be making a similar move. The company also has to deal with the looming 2015 deadline requiring all US merchants to change their hardware to accept EMV cards.
The company did unveil a $29 mobile card reader that accepts both chip and pin cards and mag-stripe payments in a bid to facilitate a smooth transition. The company has also made its Square Register app available internationally, and may look for further growth abroad as the US market becomes all the more crowded.
For now, however, merchants outside the US can only use the Register app, as the company’s hardware is not yet internationally available. But expanding its back-end analytics tools looks like it might be the company’s next ploy to expand merchant reliance on its software.
Mastercard is working with Stripe to expedite the payment process for American sellers on the latter's marketplaces using the instant payouts feature from Stripe.
Lloyds has launched biometric finger print authentication for mobile banking.
Barclaycard has partnered with Case Station, a company that makes personalised phone cases, to embed contactless technology in the latter's smartphone cases.
Digital challenger bank, N26, which has been live for one and a half years and has more than 200,000 customers, rolled out a new feature that allows its customers to transfer money using Siri. All they have to do is talk to it.