Square is now handling transactions at an $8B/year run rate thanks to its millions of card...

|By:, SA News Editor

Square is now handling transactions at an $8B/year run rate thanks to its millions of card readers. That's up from $6B/year in June, and is a figure that has to strike fear into VeriFone's (PAY) heart. And perhaps also PayPal's (EBAY), given how it's scrambling to catch up to Square's lead in the card reader and mobile pre-pay fields. The news comes as Square closes a $200M round at a $3.25B valuation, and its COO predicts iPads will soon make cash registers a relic. (Square-Starbucks)