Visa has taken a stake in Jack Dorsey’s mobile payment company Square.
Jack Dorsey (he of Twitter fame) heads up Square and is a co-founder of the platform. Visa is reckoned to have taken a 10% holding, making it Square’s second largest shareholder.
Shares in Square shot up around 14% in pre-market trading today. The company went public in November. Square allows for credit cards to be accepted almost anywhere, as the device plus into smartphones and tablets.
It’s said that Visa has been developing its own payment services technology.