Apple and Square have announced a new partnership that will allow people to add money stored on Square's virtual card, an app called Square Cash, to their Apple Wallet.

This allows users to spend money from Square Cash anywhere that accepts Apple Pay with the tap of their mobile device.

Square CEO Jack Dorsey and Apple Vice President Jennifer Bailey, who runs Apple Pay, unveiled the new partnership at the Code Commerce conference in San Francisco on Tuesday evening.

"People just want a more modern interface to their finances," said Dorsey, who is also co-founder and chief executive of Twitter.