Square Inc., the mobile-payments startup founded by Jack Dorsey, is giving small merchants the ability to sell gift cards to shoppers on the go, stepping up competition with EBay Inc.’s PayPal business.

A new version of the Square Wallet app, which works with Apple Inc.’s iPhone and iPad as well as devices running Google Inc.’s software, lets users buy and redeem gift certificates in amounts from $10 to $1,000. Square enables retailers to accept payments with a device that plugs into a smartphone or tablet.

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