It has been reported that the financial services company, Visa, has invested an undisclosed amount of money in the new company of Twitter co-founder, Jack Dorsey, most recent project, Square. Square is a service that allows anyone with an iphone or and android device to accept credit card payments through their phone. With a processing fee of 2.75% per transaction, a user can accept credit card payments through the use of a free credit card reader provided by square. The system also allows the user to accept payment through entering the purchasers credit card information through the use of a cell phone application, although this type of transaction will cost you more than the 2.75% rate. Square accepts most major credit cards, and now with the backing of a financial giant such as Visa, seems well positioned to be a major player in the mobile payment ecosystem.
This is investment gives Visa a seat on the board of Square. This is great for Visa as it allows them to carve out their own piece of the burgeoning mobile payment industry. This could be huge for Visa as Juniper research reports that purchases via mobile devices of digital and physical goods, contactless NFC (Near Field Communications) transactions and money transfers will together generate transactions worth over $600 billion globally by 2013.
Also, the device looks pretty cool and compact which should help potential users with their purchasing decision.
This is investment gives Visa a seat on the board of Square. This is great for Visa as it allows them to carve out their own piece of the burgeoning mobile payment industry. This could be huge for Visa as Juniper research reports that purchases via mobile devices of digital and physical goods, contactless NFC (Near Field Communications) transactions and money transfers will together generate transactions worth over $600 billion globally by 2013.
Also, the device looks pretty cool and compact which should help potential users with their purchasing decision.
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