In a significant move, Visa had invested an undisclosed in startup Square. Founded by Twitter's Jack Dorsey, Square offers merchants a piece of kit which pulgs into the headphone jack on iPhones, iPads and Android devices, allowing them to process card payments.
Square is doing well; Dorsey recently revealed it is processing $1 million per day and a reported 10,000 merchants are signing up each month. However, they face competition from similar products offered by Intuit and Verifone. Visa's public display of support should help their market share, despite concerns about the system's security. These have most notably been expressed in a video posted by Verifone and accusing Square of "serious security flaws".
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