Square Mobile Payments Startup Receives Large Investment from Visa
April 28, 2011 10:57 AM
comment(s) - last by
Visa invests an amount in the single-digit millions
Square Inc. has recently announced that it is partnering with Visa for its mobile payments startup, and Visa will be investing a sum in the "single-digit millions."
The use of mobile payment systems through NFC technology is becoming more and more popular as tech giants adopt it. For instance,
Google plans to test its mobile payment system
within the next couple of months in New York and San Francisco. In addition,
Visa recently partnered with Samsung in an NFC venture
for the London 2012 Olympic Games.
Square Inc. first introduced the Square electronic payments service in early 2010. It allows consumers in the United States to use their iPhone, iPad, iPod touch or Android-based phone to accept credit card charges. The system utilizes an attachment called a "dongle," which is used in unison with a mobile device in order to accept credit card payments.
Even before Visa came along with a healthy investment, Square seemed to be doing well for itself. In a recent statement, Square mentioned that it was processing over $1 million in mobile payments daily. It also closed a $27.5 million round of funding "at a $240 million valuation."
Square became a very attractive choice for consumers after it dropped the 15-cent processing fee for payments this past February. This means that merchants only pay one 2.75 percent fee instead of a percentage fee and an additional fixed cost. This price cut made Square the right choice for small merchants who couldn't pay the expense of fees, and also made Square a worthy competitor of other payment services like Verifone's Payware mobile.
Visa on its side
, Square will likely see a boost from the "single-digit millions" that Visa is investing in the technology.
"We're thrilled to partner with Visa," said Jack Dorsey, CEO of Square. "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."
Visa is also looking forward to the new partnership, as it represents a new opportunity to compete in the mobile payments market.
"As a leading brand in payments,
Visa continuously evaluates new technologies
and invests in payment innovations that can enable more businesses to accept Visa," said John Partridge, President of Visa.
This article is over a month old, voting and posting comments is disabled
4/28/2011 6:15:02 PM
Very good move from Visa, this will keep them at the forefront of transactions in the 21st century. Whoever is in charge of strategy at Visa is well worth their salary. I'm surprised more credit card companies haven't tried to get their fingers in a market that will likely come to replace many older bulky systems.
"We can't expect users to use common sense. That would eliminate the need for all sorts of legislation, committees, oversight and lawyers." -- Christopher Jennings
Visa, Samsung Join Forces in NFC Venture for London 2012 Olympic Games
April 1, 2011, 9:53 AM
Google to Test Mobile Payment Service Within 4 Months
March 15, 2011, 9:59 AM
Visa NFC Payment Trails Underway in Europe
February 1, 2011, 11:13 AM
Smart Security Cameras: 5 Good Choices For Any Budget
July 25, 2016, 7:13 PM
Top 5 Smart Watches
July 21, 2016, 11:48 PM
Retiree Sues Apple For $7,500 for Wiping Honeymoon Photos From His iPhone
November 30, 2015, 10:23 AM
iPhone 7 May Pack 3-4 GB Memory, More Storage; 4-Inch Comeback is Rumored
November 20, 2015, 10:12 PM
OnePlus One, OnePlus 2 Will Receive Android Marshmallow in Q1 2016
November 16, 2015, 9:58 AM
Lenovo Whoa: Motorola Droid MAXX 2 and Turbo 2 Break Cover in Leaks
October 26, 2015, 3:12 PM
Most Popular Articles
Say Goodbye to Data Plans - Sprint and T-Mobile offer Unlimited Data
August 22, 2016, 6:12 AM
Lenovo vs. Asus vs. HP - Best Laptop Under $500.00
August 19, 2016, 4:00 AM
Uber - Everyone's Autonomous Car Driver?
August 20, 2016, 6:01 AM
Get Ready to wait in line – iPhone 7 due September.
August 18, 2016, 7:15 AM
5 Healthy and Creative ways to add Fiber to your Diet By Monique C. Bethell, Ph.D.
August 18, 2016, 7:43 AM
Latest Blog Posts
Coming Soon - Drones and Airports
Aug 24, 2016, 12:40 PM
SolarCity’s Gigafactory: A Milesone in Emerging Technology by Lily Emamian - 15 August 2016
Aug 15, 2016, 6:30 AM
Sceptre Airs 27", 120 Hz. 1080p Monitor/HDTV w/ 5 ms Response Time for $220
Dec 3, 2014, 10:32 PM
Costco Gives Employees Thanksgiving Off; Wal-Mart Leads "Black Thursday" Charge
Oct 29, 2014, 9:57 PM
"Bear Selfies" Fad Could Turn Deadly, Warn Nevada Wildlife Officials
Oct 28, 2014, 12:00 PM
More Blog Posts
Copyright 2016 DailyTech LLC. -
Terms, Conditions & Privacy Information