Payments platform opens up on investment in rival Square

folarin okunola

February 15, 2016 9:51 PM

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.

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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.

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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