May 23 (Bloomberg) -- Square Inc., the payments startup created by Twitter Inc. co-founder Jack Dorsey, introduced a checkout product to help merchants track sales, broadcast deals and help shoppers find nearby stores on their mobile phones.
Retailers can download the Square Register application for free on Apple Inc.’s iPad tablet, the San Francisco-based company said today in an e-mailed statement.Square, which makes a credit-card reader that plugs into the audio jack of a smartphone, is adding features to broaden its appeal to merchants and shoppers. The startup is using technology to seize on growing interest from businesses and advertisers to reach consumers on the go. The new product will also let retailers store customer information so a credit card isn’t needed for every purchase.“Cash registers and credit card terminals are relics of an expensive, complicated, and impersonal commercial transaction system,” Dorsey said in the statement. “We’re transforming everyday transactions between buyers and sellers into something special.”Square was started in 2009. In the first three months of the year the company processed about $66 million in payments and will probably triple that amount in the current quarter, Chief Operating Officer Keith Rabois said in an interview last month. PayPal Inc., by comparison, handled $27.4 billion in payments during the same period, while Visa Inc., the world’s biggest payments network, processed $861 billion.Visa made an undisclosed investment in Square last month. Payments made via smartphone credit-card readers may rise to $55 billion by 2015, from $11 billion this year, researcher Aite Group LLC estimates.--With assistance from Douglas MacMillan in San Francisco. Editors: Jillian Ward, Lisa Rapaport
To contact the reporter on this story: Joseph Galante in San Francisco at jgalante3@bloomberg.net
To contact the editor responsible for this story: Tom Giles at tgiles5@bloomberg.net
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