Square Processing $2B In Payments Per Year, Has Signed Up 800K Merchants

Disruptive mobile payments company Square is making a number of announcements today relating to growth and new user features. First, the company is dropping its new user limits. For background, Square offers an iPhone, Android and�iPad app which allows merchants to process and manage credit card transactions with a handy little credit card swiping device that plugs into the headset/microphone jack. The device and service is the brainchild of Twitter co-founder and Jack Dorsey and Jim McKelvey. In May, the company debuted a new service to replace the cash register and loyalty card, and in June, Square raised a $100 million in funding, which valued the company above $1 billion.

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