Jack Dorsey's Square is now processing $3m in payments every day. Square offers a device which allows anyone with a smartphone to process card payments and has proved a big hit since it launched. New functionality has also been added by Square this week.
On Monday Dorsey revealed Card Case, a mobile wallet. Card Case will mean consumers no longer need a credit card for small purchases. Instead they will be able to set up a digital tab under their name, similar to the system used on the iTunes store.
Square is one of a growing number of companies looking to turn smart phones into digital wallets. According to Dorsey, cash and cards are becoming "relics of an expensive, complicated and impersonal commercial transaction system."
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