Square hits its magic number: 1 billion credit card payments processed

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Credit: Pinar Ozger for Gigaom

Jack Dorsey had something to be proud of when he took to Twitter this afternoon. Square processed its 1 billionth card transaction on Wednesday. The honor goes to a merchant in Sacramento, CA, according to Dorsey’s tweet.

One billion is certainly a milestone after only five years in business, but in the grand scheme of the financial industry, it’s still pretty small potatoes. In comparison, PayPal processes nearly 10 million transactions a day, meaning its handling Square’s entire historical volume at least three times a year.

But Dorsey would probably be the first to tell you Square is just getting started. It’s expanding from the small mobile business owner to larger brick-and-mortar retail locations from multi-register stores to restaurants. It’s spreading its wings into e-commerce and peer-to-peer payments, though it’s taken some missteps along the way such as its venture in to the digital wallet. Most significantly though, it’s triggered a revolution in the retail point-of-sale industry, not only producing many Square clones but also causing the biggest giants in retail finance to rethink the traditional cash register and payment terminal.

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