payments

After a monster 2012 in which Square, a leader in the mobile payments space, tripled its user base, added Starbucks as a major partner, and hit more than $10 billion in annualized transactions, its COO is predicting that 2013 looks even better.

A year ago, the San Francisco-based startup, which was founded by Twitter co-founder Jack Dorsey, announced that it had reached a million users and that 75,000 merchants were accepting payments through Square. Now, COO Keith Rabois told CNET in an interview, the company has passed 3 million users and 250,000 merchants taking Square Wallet.

Without question, … Read more

Square has lined up its first luxury-brand partner, a new report claims.

Square and the Burberry clothing chain are testing out a deal to see how the payment processing might work in its stores, The Next Web reported today, citing people who claim to have knowledge of the deal. The announcement could be made soon.

Burberry CTO John Douglas already spilled the beans, albeit unofficially. On Twitter last week, Douglas noted that Square was "live in our Burberry Brit store in San Francisco."

Square has been growing by leaps and bounds. The company, which offers a free accessory … Read more

SAN FRANCISCO -- Microsoft's not the only big tech player taking a gamble on a new direction. Mozilla made an aggressive argument for Firefox OS to Web and app developers Monday night at its confusingly named Mobile Monday Mixer -- confusing because the company held the event last night at its San Francisco office.

As the lights from the Bay Bridge blinked in the background, Jay Sullivan, Mozilla's vice president of products, laid out why developers should care about Firefox OS. "If you're looking to build and develop mobile software without the 30 percent toll [Apple … Read more

Mobile-payments startup Square said today that it is now processing $10 billion in transactions a year.

That's a major milestone for a company that announced just seven months ago that it had hit $5 billion in annualized transactions, and two months ago that it had passed the $8 billion mark. In October, 2011, the number was $2 billion.

Founded by Twitter co-founder Jack Dorsey, San Francisco-based Square has become a leader in the mobile-payments space, growing to the point that last week, Starbucks integrated its service into the coffee giant's 7,000 U.S. stores.

In a tweet … Read more

Visa has finally brought its digital wallet V.me out of beta.

The company announced its move today, saying that the official V.me launch accompanies deals Visa has signed with over 50 financial institutions that will support the platform. The financial institutions, including America First Credit Union, Capitol Federal Savings Bank, and others, combine to service over 55 million people, according to Visa.

Visa has also signed up a host of online merchants, including 1-800-Flowers and Beach Camera, to support V.me.

Like other services, Visa's digital-wallet offering lets customers pay for products without pulling plastic out of … Read more

Bank of America is the latest company to take on Square in the mobile-payments market.

The banking giant today announced a new service for merchants, called Mobile Pay on Demand. The offering includes a card reader that attaches to a smartphone, and allows merchants to handle transactions from the device. According to Bank of America, its service works with Visa, MasterCard, Discover, and American Express. The service will charge merchants 2.7 percent per swipe.

Square popularized mobile payments with its own card-reader-and-software combination. Square charges 2.75 percent on all transactions.

Bank of America has entered an already-competitive market … Read more

Mobile payment processor Square will launch its service at 7,000 Starbucks coffeehouses tomorrow.

In addition to processing credit and debit card transactions, Square's agreement with Starbucks allows customers to make purchases at the coffee shops with Square Wallet, Square's payer app. The launch comes three months after the two companies announced an extensive partnership, in which the coffee giant also announced a $25 million investment in the payment startup.

Square Wallet links directly to customers' credit or debit card accounts, allowing users to tap "pay here" or scan a QR code to pay for purchases … Read more

There's been a lot of hype around mobile payments over the past year, but the No. 1 problem that the mobile payments market faces is adoption. Consumers simply don't see a reason to replace their cash or plastic with a phone.

And yet one company after another is clamoring to get into the market. Technology companies, such as Google and PayPal have thrown their hats into the ring along with wireless carriers, AT&T, Verizon Wireless, and T-Mobile. Banks, such as Barclays and Bank of America, have also announced plans for a digital wallet and mobile payments. … Read more