Mobile payment company Square announced Wednesday that it hit a new milestone — it can now process chip cards in 2 seconds (down from “under 3 seconds” last fall). *cues the confetti.*
Last year, The Wall Street Journal found that chip cards in over 50 transactions averaged a processing time of 13 seconds.
In the swiping biz, time is money, not to mention a major step in Square’s quest for total payment domination.
And, if that’s not enough to satisfy all you speed demons, in the past few months, Square’s been burnin’ rubber.
Square is rollin…
In June, we reported on Square reeling in a bit-license to allow its users to trade bitcoin through the company’s Cash App, and just a few days ago, it officially rolled out bitcoin transactions in all 50 states.
Speaking of cash… started in 2016, Square’s Cash App evolved into a full service peer-to-peer mobile payment platform — and it’s already proving to be bad news for competitors like Venmo.
With 33.5m total downloads, Square’s cash app grew 3x faster than Venmo in July, surpassing the social payment platform in total downloads for the first time.
Over the past few months, some have been skeptical of Square’s soaring stock. After all, the company did report widening losses to $24m in June, up from $15m a year earlier…
But, that hasn’t stopped their market cap from rising
Square’s stock rose 2.5% and reached an all-time high of $75.15 (116% on the year), following Tuesday’s bit-license announcement
And to all the haters who dogged them for not being profitable, the Cash App is expected to contribute $30-40m to their bottom line this year, with the potential to exceed $100m in sales by 2020.