Visa invests in credit card reader

Just a week after mobile payments startup Square made a deal to sell its credit card readers in Apple’s retail stores, it has made another big business deal: an undisclosed “strategic” investment from Visa, USA Today reported.

Square was co-founded by Twitter inventor Jack Dorsey, and makes a credit card swiping device that plugs into iPhones, iPads and Android devices.

The investment shows that “Visa believes the technology could take off,” paidContent noted.

The Los Angeles Times reported that the deal is in the “single-digit millions,” and that a Visa executive will join Square’s advisory board.

In the United States, where Visa is the largest credit card company, 27 million businesses do not accept credit cards; however, 90 percent of Americans carry them.

Image: paidContent

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