As if the iPad Has Not Changed Enough Industries, Get a Load of the New Square Register
By: Hillel Fuld (@hilzfuld)
The comparison has been made between Jack Dorsey and Steve Jobs many times and by many people. While the two are very different in terms of their personalities, when it comes to vision, implementation, and attention to detail, the comparison is very understandable.
Jack Dorsey is the inventor of Twitter and the Co-Founder of one of the hottest companies today, Square. I highly recommend you watch the interview above. Kevin Rose interviews Jack about his life, vision, and the growing pains at both Twitter and Square.
Meanwhile, Square announced that it is processing payments right now at a rate of some $4,000,000,000 per year, or $10,958,904 per day. Since October, Square has doubled the amount of money processed through its system. Jack tweeted the following yesterday.
Last October @Square was processing $2 billion a year. Today we're processing $4 billion a year.
— Jack Dorsey (@jack) March 5, 2012
You can see the growth chart of Square below. Thanks Splatf.
Anyway, Square's latest initiative is Square Register, which similar to Square for the iPhone, is available for free along with the card reader. Merchants pay 2.75% per swipe for Visa, MasterCard, Discover and American Express. The new Register app works on iPads with iOS 5 and the company said there are no plans to bring the system to Android. Ouch.
Many people like to use the word "Disruptive" about a lot of technology startups but I think Square redefined the word by truly disrupting an industry that did not even know it was looking for disruption.
Watch the ad for the Square Register below and tell me you do not see some Apple DNA in it. Like I said, the comparison is understandable. Now with Square on target to make 9 digit revenues in 2012, when will Apple buy Square and for how much? Any guesses?