Square creeping up on $1 billion processed payments since launch

Yesterday, in TechCrunch Disrupt in New York City, Keith Rabois, the COO of Square, and TechCrunch’s Mike Arrington had a lot to say about future payments using Square and the mobile credit card payment process as a whole, including comments about Google’s NFC and PayPal.

Square is making it incredibly simple for us to advance technologically, especially in a time where information is key. They’ve announced new ways to swipe your credit card at a local coffee shop once, come back, say a week later, and use your app to order another coffee with the same information that you’ve previously used. Why hasn’t this been thought of before? Square is taking us by the hand and bringing us into a future that was always there but we never realized.

Rabois has announced that since its launch in October 2010, Square is creeping up close to $1 billion USD in process payments. Similar to Airbnb, the company is growing rapidly and always looking for those wise minds to help play a part in it all. Especially with their rapidly growing force of 140 employees, with near to three new members joining every week.

Will Google’s NFC threaten Square?

“No, says Rabois, “The core tenants of Square are that anyone can pay with a credit card, so NFC is very different. ”

Will Square become a credit card issuer?

“No, and I doubt that we will become a bank,” Rabois answered.

How will Square and PayPal shake out in the future?

“Our market is more massive than PayPal. PayPal only serves e-Commerce and we serve the rest of the world, which is 20 times larger so we will be much more valuable in PayPal,” said Rabois.

Article Via TheNextWeb

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