Visa Disclosed 9.99% Stake In Square Ahead Of Mobile World Congress Event

Shares of Square Inc SQ were trading higher by around 17 percent early Friday morning. Visa Inc V disclosed it bought a 9.99 percent stake in the company.

Visa's disclosure coincides with its announcement that it will participate in the Mobile World Congress event. The company will showcase the "future of payments," including: 1) new ways to pay with mobile devices and wearable contactless payment devices, 2) connected car apps to pay for fuel and parking, and 3) biometric authentication initiatives, such fingerprint and facial recognition capabilities on mobile devices.

The Mobile World Congress will take place February 22 through 25.

Shares of Visa were trading higher by around 1.5 percent early Friday morning.