Square now processing $4 million every day

Square, the mobile payments start-up founded by Twitter co-founder Jack Dorsey, is now processing more than $US4 million in payments every day.

The milestone comes as the mobile payments scene is continuing to explode, with major Australian banks investigating how they can integrate mobile usage into their products.

According to TechCrunch, Square has announced it is now processing $US4 million per day, up from $US3 million in May. Chief operating officer Keith Rabois has also told the publication it expects to reach $US200 million in total transactions by October.

Square has gained some notoriety since it was featured in the Apple Store. It has also launched an iPad app that allows merchants to replace its cash registers entirely.

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