Visa Inc. (NYSE:V) has invested an undisclosed amount into the mobile payment service founded two years ago by Jack Dorsey, Square. A Visa executive will be joining Square’s board of directors as a result.
“Square’s early success suggests that using Square and a mobile device, new types of merchants will now be able to accept payment and help grow their business via Visa’s global network with the security, speed and reliability we provide,” stated Visa president John Partridge.
Square essentially can turn a smartphone or tablet computer into a credit card reader. The same fee is charged to everyone even if you are a sole proprietorship or a large business. About 100,000 new businesses are being signed up per month. Square’s product is being sold in Apple’s 235 U.S. stores as well.