Visa invests in Square payment solution


Square is getting some heavy financial support for the one company you’d most want to support you if you’re going to launch a mobile payment device, Visa. In exchange for the mountains of money Visa may be giving Square, Visa gets to sit on the advisory board for Square. This will certainly boost things for Square as they have apps and card readers compatible with the major mobile platforms, obviously Android being one of them. You can get the app to process mobile payments, and when you sign up for an account at Square, they’ll shoot you a free card reader for your device. The only cost to you is 2.75% of each transaction you swipe.

I can see pizza and Chinese delivery drivers carrying these, as mobile interac payments just take a standard fee, not a percentage of each transaction. All depends on how big the bill is I guess. A $30 pizza bill could cost you $2.00 for mobile interac, or $0.82 with Square.

[via engadget]