During a Techonomy conference in Tucson, Arizona, the 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 from the $4 million a day payments officially announced last July. Dorsey attributes this amazing growth to the same principles that drive 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.”
The Growth of Square
Square’s rapid growth can be attributed to its user-friendly design and the flexibility it offers to businesses of all sizes. The company provides a simple, yet powerful, way for merchants to accept credit card payments using a small, portable card reader that attaches to a smartphone or tablet. This innovation has made it easier for small businesses, freelancers, and even large enterprises to process transactions without the need for bulky and expensive point-of-sale systems.
Moreover, Square’s ecosystem has expanded beyond just payment processing. The company now offers a suite of business tools, including invoicing, payroll, and inventory management, which further enhances its appeal to a wide range of users. This comprehensive approach has helped Square to not only attract new customers but also retain existing ones by providing them with the tools they need to run their businesses more efficiently.
Similarities Between Twitter and Square
There are a number of similarities between Twitter and Square as they are both essentially communications technologies. Dorsey explains that the receipt can be seen as a kind of publishing medium, saying, “It is a communication medium between the business and the consumer,”. Just as Twitter allows users to broadcast short messages to a wide audience, Square enables businesses to communicate with their customers through digital receipts, which can include personalized messages, promotions, and feedback requests.
This focus on communication and interaction is a core principle that underpins both companies. By facilitating easy and effective communication, both Twitter and Square have managed to create platforms that are not only useful but also engaging for their users. This engagement is a key factor in driving the growth and success of both companies.
In addition to the communication aspect, both Twitter and Square have leveraged the power of data to improve their services. Twitter uses data analytics to help users discover relevant content and trends, while Square uses transaction data to provide businesses with insights into their sales performance and customer behavior. This data-driven approach allows both companies to continually refine and enhance their offerings, ensuring that they remain relevant and valuable to their users.
Another important similarity is the emphasis on simplicity and ease of use. Both Twitter and Square have been designed with the user experience in mind, making it easy for people to get started and use the platforms effectively. This focus on simplicity has been a key factor in their widespread adoption and success.
The remarkable growth of Square can be attributed to its innovative approach to payment processing and its commitment to providing valuable tools and services to businesses. By drawing on the same principles that have made Twitter successful, Jack Dorsey has managed to create another groundbreaking company that is transforming the way businesses and consumers interact.
Source: Tech Crunch
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