Square just announced that it is seeing $10 billion in annual payments through its mobile payments platform. That’s up from the most recent stat from a few weeks ago of $8 billion processed annually.
Why the sudden surge in growth? Well, Square has been actively advertising on TV and adoption has probably grown via this marketing angle. And interestingly, we’re told that the new $10 billion number does not include payments processed via Starbucks.
The company announced a recent deal with Starbucks, which took effect this past week. As part of the agreement, 7,000 Starbucks stores in the U.S. will be able to accept Square Wallet. Starbucks is integrating the company’s Pay With Square app service into its own app, meaning that users will be able to charge their Starbucks orders via Square. The company also began processing all U.S. credit and debit card transactions at participating Starbucks stores, which is going to be huge.
Two weeks ago, Square went live with its payments service in Canada, marking its first international expansion. Currently 2 million businesses are using Square. And Square just raised $200 million, reportedly valuing the company at $3.25 billion.
Considering the massive amount of money that flows through Starbucks on a daily basis, Square is going to see another considerable jump very soon as it starts processing all credit card payments. Stay tuned.