Mobile payment giant Square Inc. has announced today that it is now processing $10 billion in transactions annually, thanks to its widely adopted mobile payment infrastructure. Just a few weeks back the company made it known that it was raking in $8 billion annually, equating to a $2 billion increase in less than a month.
Similar to Google Wallet, users are required to have an application installed, whereas brick-and-mortar retailers must have the company’s physical checkout system to conduct transactions. Interestingly, it’s being reported that this figure doesn’t include payments processed by Starbucks, whom the company struck a major deal with earlier this year to install its systems in 7,000 stores.
Taking into account the amount of money that flows through Starbucks stores each day, it’s entirely possible Square could see its yearly processing figure double.