Data Nugget: Mobile Commerce Gains Momentum

Payments via smartphones are skyrocketing.

In 14 months, the annual rate of payments processed by Square, a mobile credit-card reader and app, increased tenfold, from $1 billion annually in September 2011 to $10 billion annually in November 2012.

Square payments

September 2011: $1 billion annual rate

Apri 2012: $5 billion annual rate

November 2012: $10 billion annual rate

Sources: Square, Inc.; TechCrunch; Bloomberg