SAN FRANCISCO (CBS / AP) — Visa is now a major shareholder in Square, the Bay Area-based mobile payment services company co-founded and led by Jack Dorsey.
Shares of Square spiked 14 percent before the opening bell Friday.READ MORE: San Jose Arts Committee Votes to Remove Controversial Statue of Thomas Fallon
Visa snapped up a nearly 10 percent interest in Square, according to a regulatory filing. That would make it the San Francisco company’s second-biggest shareholder, according to that data research firm FactSet.
Visa has been working on payment services technology of its own including Visa payWave, which allows users to pass a card over a terminal to record a payment.READ MORE: Pandemic Weight Problems, Eating Disorders Affect Children
Square Inc. went public in November. The Square device plugs into smartphones or tablets, so credit cards can be accepted almost anywhere.
Dorsey, a co-founder of Square, is also co-founder and CEO of Twitter Inc.MORE NEWS: East Bay Crews Battle Multiple Blazes Thursday as Dry Winds Boost Fire Danger
© Copyright 2016 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.