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Payments platform opens up on investment in rival Square

Visa revealed that it owns 10% of square's class 'A'trading shares, a figure which represents about 1% of the payments company

Visa card

In a rather surprising move, Visa has disclosed the details of its investment in Square, roughly five years after the deal had originally been done.

Visa revealed that it owns 10% of square's class 'A' trading shares, a figure which represents about 1% of the payments company, as opposed to the speculation that originally been making the rounds that Visa owns 10% of Square shares reported by earlier online publications.

Square, which was co-founded and run by current Twitter CEO, Jack Dorsey, invented a device which plugs into smartphones or tablets, so credit cards can be accepted almost anywhere.

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Visa has also been working on its own version of the technology including Visa payWave, which allows users to pass a card over a terminal to record a payment.

The news of Visa's stake in Square shot Square's shares up by 8% on Friday to close at $9.30.

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