British businessman Richard Branson, of the Virgin Group, invested in Square—a mobile payments start-up. Twitter co-founder Jack Dorsey runs the start-up.
Appropriately, Branson announced the current investment on Twitter on Tuesday, followed by a blog on Virgin’s website. Square is a small plastic cube that can be plugged into the headphone jack of smart phones or tablets and then, with a complimenting app, processes credit card payments.
Visa is also an investor in the San Francisco based company. Competitors in the “mobile wallet” sphere include Google, MasterCard, PayPal, and a product put out by AT&T, T-Mobile and Verizon.
Source: LA Times