Mobile payments startup Square has just passed a major milestone—over 1 million merchants are now using Square to accept credit cards.
This is up from 800,000 merchants using Square a few months ago. As co-founder Jack Dorsey explains, there are only 8 million merchants who accept credit cards in the US, so Square has already accumulated a pretty decent chunk of users.
Square, which is processing $11 million in payments, has been growing fast. The company has a number of all-star investors, including most recently Sir Richard Branson.
And Square is steadily racking up marketing and retail partnerships. T-Mobile just debuted a new promotion, in which the carrier offers free Squares when its business users an upgrade to smartphone plan. And the mobile payments device is now being sold at 9,000 retail locations, which include Apple, Best Buy, Radio Shack, Target and Wal-Mart.