Square finished the year with monumental gains, processing $10 billion dollars in what will be a $1.3 trillion market by 2017 according to Juniper Research. Square’s power proliferated with several new accomplishments and additions to the company. The evolution started with Apple’s Passbook integration, which allows consumers to buy and redeem gift cards with their smartphones. CEO Jack Dorsey continued progress with Square Wallet’s exponential growth this year, growing from 40,000 sellers to 250,000. The question still lies, where will Square go next? Their new introduction of a $275/month or 2.75% per swipe plan proved attractive to small businesses around the United States, but their future lies in Canada as the company has already started expansion in North America. A representative of the company also signaled growth in other countries in 2013, possibly Asia.
Jack Dorsey’s impact on the industry was significant enough to not only secure himself as American Banker’s ‘Innovator of the Year’ but he also managed to attract new competition with large endowments such as Inuit’s GoPayment, Paypal Here, and Google Wallet.
Square’s lead above these companies is most evident in their partnerships this year. Earlier this month they announced a collaboration with luxury brand Burberry which installed payment readers facilitating transaction in their San Francisco store. Perhaps Square’s greatest partnership comes through beverage provider Starbucks, whose 7,000 outlets across the nation now accept payments through Square’s Pay app. On top of that, Starbucks invested $25 million dollars to wrap up Dorsey’s $200 million Series D this year. 2013 is sure to be a hopeful year for mobile payments around the world.
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