According to The Verge, Square is building a recommendation engine that suggests nearby places to visit based on the consumer’s mobile transaction history.
Square now processes $10 billion in annual mobile payment transactions. More than 2 million U.S. businesses and individuals use the firm’s services, including its signature Card Reader, which enables user to swipe credit and debit cards through a dongle plugged into Apple iOS and Google Android smartphones and tablets. Square already offers Square Directory, an online site that recommends local merchants that accept its mobile payment services.
Mobile commerce is expected to attain an annual compound growth rate of 39 percent over the next five years. This growth is driven by the introduction of the tablets and the next generation smartphones. Mind Commerce predicts that the location commerce will be one of the key initiatives across the mobile/wireless value chain within the next three years.
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