Square sees Visa investing in it

Visa has invested in Square, a company whose peripheral plugs into the headset or microphone jack and through which merchants can process credit card transactions using an app.

It is one of the most celebrated apps in the Silicon Valley and not because of the fact that it is bossed by Jack Dorsey, one of the co-founders of Twitter.

Quarter 1 of the year saw Square post $66 million in payment volumes and its latest revenue model is now revenue sharing instead of charges for transactions. Square believes that this new partnership with Visa will help promote its concept, especially in the 27 million small business that don’t accept credit cards yet.

This is another mobile venture for Visa. It had previously acquired PlaySpan, a virtual goods startup company and also has a partnership in place with DeviceFidelity to enable “contactless” payments using DeviceFidelity’s In2Pay microSD technology for the iPhone.

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