Square Introduces New Reader for Chip-Based Credit Cards
Today, mobile payments company Square announced it has developed a new credit card reader that will make transactions with chip-enabled EMV cards.
Square is a credit card reader that plugs into smartphones or tablets, allowing a credit or debit card purchase from just about any location.
The San Francisco company is getting ahead of the curve when it comes to the move to chip based cards. The significant number of card breaches in the last year has lead to a move away from the magnetic strip credit card to the more secure chip based card. These EMV cards cut down on credit card fraud and help protect the consumer’s personal data.
Visa and MasterCard have set an October 2015 deadline to upgrade their card payment processors to EMV cards. Merchants who fail to complete the transition before the deadline will be held responsible for credit card fraud for customers using chip and PIN cards, putting these retailers at high risk for future hacks.
One of the largest hurdles in this conversion is the cost to retailers. New processing machines are needed. Square seems to be in a good position with this latest announcement.
“There are more and more ways to pay, and with options like bitcoin and contactless, customers expect to pay however they want; cashiers should never have to say ‘we don’t accept that’,” said Square founder Jack Dorsey in a statement.
Square announced that pre-orders will be taken for this new reader sometime later this year.