NEW YORK ? Square mobile payment service announced earlier this week that it passed a major milestone, with more than one million merchants using its service, Business Insider reports.
?Just as small businesses are growing with Square, we're growing with them: Over one million merchants now accept credit cards,? the company tweeted.
Square co-founder Jack Dorsey tweeted in response that the figure represents significant market penetration for the newbie service.
?To put that in perspective: there are only eight million merchants who accept credit cards in the US. @Square has added one million,? he tweeted.
According to Square, it has shipped 800,000 card readers to merchants and now processes $2 billion in payments a year. It has plans to expand internationally next year, leveraging its recent $100 million cash infusion from Kleiner Perkins Caufield & Byers.
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