header image

Categories

Visa backs Twitter

co-founder’s mobile venture

LOS ANGELES | Wed Apr 27, 2011 1:57pm EDT

(Reuters) – Visa Inc has thrown its weight behind a mobile payments venture created by Twitter co-founder Jack Dorsey.

The credit-card company has made an unspecified investment in Square, a two-year-old service that helps businesses and consumers pay with credit cards on a mobile phone or Apple Inc iPhone, both companies said in a statement.

In return, a Visa executive gets to sit on the advisory board at Square, which is also backed by Sequoia Capital and Khosla Ventures.

Square’s service employs a miniature magnetic card-reader that plugs into a device, such as an iPhone or Google Android phone. CEO Dorsey in March returned to the microblogging sensation he helped create, taking up the post of executive chairman — in addition to his responsibilities at Square — to oversee product development.

(Reporting by Edwin Chan. Editing by Robert MacMillan)

Sourced & published by Henry Sapiecha

No Responses to “VISA & TWITTER FOUNDER TO UNITS TO PUSH NEW CONCEPT OF MOBLIE PAY PLANS”

No comments yet

Leave a Reply

XHTML: You can use these tags: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>