Is Visa in Risky Move with Twitter Founder Jack Dorsey?
3:13 pm, April 27th | by Amy Tennery
Visa is dropping $27.5 million on Twitter founder Jack Dorsey’s new start-up Square, according to All Things Digital, despite the fact that it is, perhaps, not the most stable piece of technology.
The key problems with Square, a mobile payment startup, are its alleged security flaws that allegedly leave customer data exposed. These safety concerns have plagued Square since its inception, when it had to delay its debut to try and fix the bugs. Because leaking your customers’ credit information tends to make them a little grumpy. Or so we’ve heard.
Unfortunately for Dorsey, things haven’t exactly picked up for Square from there. Just last month, Digital Trends reported that “credit card processor VeriFone had launched an outright attack” on Square, over its purportedly shoddy service. (Although, to be fair, if anyone were going to launch an attack, it would be a competitor, right?)
This hasn’t dissuaded Visa, however, which was reportedly eying the technology for a while. Meanwhile, All Things Digital notes that Dorsey is thrilled:
“This relationship will accelerate our vision of empowering businesses and aspiring entrepreneurs to succeed. The best way to grow your business is to accept credit cards. Together, we can ensure that all businesses of any size can pursue the American Dream.”
He might be getting a little carried away with the “American Dream” business, but it’s not shocking that Dorsey would be psyched. Could Visa help squelch rumors of Square’s leakiness?