One billion is certainly a milestone after only 5 years in business. But to put it into perspective PayPal processes nearly 10 million transactions a day, meaning its handling Square’s entire historical volume at least three times a year.
But Dorsey would probably be the first to tell you Square is just getting started. It’s expanding from the small mobile business owner to larger brick-and-mortar retail locations from multi-register stores to restaurants. It’s spreading its wings into e-commerce and peer-to-peer payments, though it’s taken some missteps along the way such as its venture in to the digital wallet. Most significantly though, it’s triggered a revolution in the retail point-of-sale industry, not only producing many Square clones but also causing the biggest giants in retail finance to rethink the traditional cash register and payment terminal.