Square to launch chip-friendly credit card reader

Mobile payments company Square to launch a new version of its mobile payment that will be able to read microchip-enabled credit cards.

Square to launch chip-friendly credit card reader

Mobile payments company Square has announced plans to launch a new version of its mobile payment that will be able to read microchip-enabled credit cards.

The microchip technology, commonly referred to as EMV, communicates with payments processors to determine whether the card is counterfeit every time it is used to make a purchase.

The US is in the process of moving to the EMV standard, and the card networks have set an October 2015 deadline for this transition.

Square will begin accepting pre-orders for its new portable EMV device from early 2015.

According to the company, just like the current product, its new reader will work with iPad, iPhone and Android devices.

Square CEO Jack Dorsey said: “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.

“Square started by empowering anybody to accept credit cards and enabling customers to pay with their name. Our EMV readers are the next step towards ensuring sellers make every sale,” Dorsey added.