Square’s credit card reader will be available in Walmart in the US soon, increasing the number of retail stores where it is sold to more than 9,000, as reported by Bloomberg today.
The Square app, which is available for Apple iOS or Google Android, enables individuals and businesses to accept payments on their mobile devices. It can be used either by swiping the card on the card reader that plugs into the headphone jack, or by manually entering the details on the phone. The app is available for free at the App Store and Android Market.
The card reader is sold for $10 and comes with a $10 redemption code. Square earns its money by charging a fee of 2.75% on every credit card transaction. The service is only available in the US, its European counterpart iZettle recently received $11.2 million in Series A funding.
The company was founded by Twitter co-founder Jack Dorsey and Jim McKelvey and publicly launched in October 2010. The service has seen widespread adoption since its launch and is now processing $2B in payments per year. PayPal, by comparison, expects more than $3.5B in mobile volume this year.
Check out the video to see Square in action: