Square bets on EMV standards improving the mobile payments space

Square Inc. mobile payments nfc technology

Dorsey has high hopes for EMV standards

Jack Dorsey, CEO and co-founder of Twitter and CEO and founder of Square, wants his mobile payments company to be universally recognized as a leading mobile commerce firm. Dorsey believes that the coming shift toward EMV standards will help Square accomplish this goal. Square has released its first earnings report since its initial public offering, showing that it has received 350,000 pre-orders for its EMV-enabled card reader, which can be used to process mobile transactions.

New standards may speed up mobile transactions

According to Dorsey, Square will be taking full advantage of the shift toward EMV standards. These standards are expected to make the mobile commerce space more secure in the coming years. This will also lead to a shift in liability, which may also have a significant impact on the mobile payments space. As EMV standards become more widely accepted, the speed at which mobile transactions are made will increase. Currently, Dorsey believes that consumers and merchants alike are unhappy with how long mobile payments can take, which makes consumers more likely to use more conventional forms of commerce.

Square is finding more success in the mobile payments space

Square Inc. mobile payments nfc technologySquare processed $10.2 billion in transactions in the fourth quarter of 2015. This is a 47% increase over what Square had processed during the same period in 2014.Throughout 2015, Square processed some $35 billion in transactions, a significant increase over the payments it processed in 2014. The company has established a strong foothold in the mobile payments space, standing as one of the leading powers in the current market.

Competition in the mobile commerce market remains fierce

In the fourth quarter of 2015, Square’s transaction revenue was $299 million, 45% higher than what it was in 2014.Square has generated significant momentum in the mobile commerce market and the coming shift toward EMV standards will likely improve the company’s standing in the market. Competition is fierce, however, as several companies have entered into the market in hopes of winning favor with mobile-centric consumers.

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