Square Inc., the mobile-payment company founded two years ago by St. Louisans Jim McKelvey and Twitter co-creator Jack Dorsey, said Wednesday that it has received “a strategic investment” from Visa Inc. Using a square-shaped card-reader that plugs into devices running Apple iOS or Google Android, Square’s electronic payment service lets businesses accept credit and debit cards on mobile phones and iPads. Square said it has been signing up nearly 100,000 new merchants a month this year. Visa President John Partridge said in a statement that with the Square deal “new types of merchants will now be able to accept payment and help grow their business via Visa’s global network…” The deal calls for a Visa executive to join Square’s advisory board.
Read more: Mobile payment processor Square gets Visa investment | St. Louis Business Journal
