Visa, the world’s biggest electronic-payment network, has invested in Square, the mobile-payments startup co-founded by Twitter inventor Jack Dorsey.
“We’re thrilled to partner with Visa,” Dorsey, Square’s chief executive, said in a news release. “This relationship will accelerate our vision of empowering businesses and aspiring entrepreneurs to succeed. The best way to grow your business is to accept credit cards. Together, we can ensure that all businesses of any size can pursue the American Dream.”
Square uses a device a "dongle" which attaches to a smartphone to let merchants accept credit card payments via phones and is working to equip the 27 million businesses in the U.S. that are not yet able to accept credit cards to do so.
Neither Visa nor Square disclosed the size of Visa’s investment. A Visa executive will join Square’s advisory board.
Square last week also landed a deal to put its credit card reader in Apple’s 235 U.S. stores.
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