Mobile payment service Square currently deals with annual turnover of $10 billion

Absrtact: Mobile payment Services Square annual turnover will reach 10 billion USD Beijing time November 15 news, according to foreign media reports, mobile payments company Square in Wednesday through Twitter News announced that the company currently processing the annual turnover will reach 10 billion U.S. dollars. Industry people

Mobile Payment Services Square annual turnover of $10 billion

Beijing Time November 15 news, according to foreign media reports, mobile payments company Square in Wednesday through Twitter News announced that the company's current processing of the annual turnover will reach 10 billion U.S. dollars.

Industry insiders said the 10 billion dollar turnover meant that square would charge about 275 million dollars a year. While square also needs to share revenue with credit card companies and banks such as Visa and MasterCard, Square will earn a high margin because the company actually deals with more of the volume than most people think.

In fact, the 10 billion dollar turnover does underestimate the size of square's current business. A spokesman for the square said the 10 billion dollar turnover did not include the amount of money paid by the user in Starbucks using a credit or debit card. In August this year, Starbucks announced that it would use square technology in 7,000 stores across the United States and would invest $25 million in square dollars. Industry insiders had expected that the deal with Starbucks would increase the annual turnover of square by about 6 billion dollars. Of course, from that point on, Square's payment services, which mainly serve small businesses, have grown quite rapidly.

According to a cooperation agreement between Square and Starbucks, Starbucks will use Square's services to accept payment from users. Users simply download "Pay with Square" smartphone apps and enter credit card information in them to make direct payments on their phones. You can even make payment by informing the cashier directly of your name. Starbucks said that by using Square's mobile payment service, it would save part of the company's spending. It is unclear exactly why two companies are allied. Of course, the alliance with Starbucks can greatly increase the number of places users use the square service to trade.