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Monday, November 14, 2011

During a Techonomy conference in Tucson, Arizona founder of Square mobile payments company Jack Dorsey revealed that his new company is now processing $11 million in mobile payments a day.

The new figures are a dramatic increase for just $4 million a day payments officially announced last July and Dorsey puts it amazing growth down to the same thing that drives Twitter, which Dorsey also created.

Dorsey explains:
“We haven’t defined a lot of how people are going to use them.” – “We don’t want to make Square all about taxi cabs,” – “And we don’t want to make Twitter all about celebrities and politicians.”
Thera are a number of similarities between Twitter and Square as they are both essentially communications technologies and Dorsey explains that the receipt as a kind of publishing medium, saying “It is a communication medium between the business and the consumer,”.

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