Just a few weeks ago Square announced that Apple would begin retailing its mobile payments device both online and in its physical stores.
Today Leena Rao broke the news that the start-up, which keeps offices in New York and San Fran, announced another big partnership, a strategic investment from Visa.
Square offers a free app and device that turns any iPhone, Android or iPad into a credit card reader. Its aim is to help small merchants who couldn’t afford the overhead of a traditional credit card arrangement.
It’s not clear exactly what Visa hopes to gain from this deal. Square already features the brand prominently on its homepage, but obviously accepts all major credit cards. Perhaps Visa is looking for the inside track on new technologies as the field of mobile payments rapidly expands. That seemed to be the drift of a gushy blog post Visa wrote about Square back in February.
The investment is certainly a nice boost for Square, showing that a major player in the industry it is trying to disrupt believes in its security and wants to more closely align its future with the upstart.
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