05 May 2015

Square gears up for US EMV switch with chip card reader

30 July 2014  |  6544 views  |  0 card chip

Square has unveiled plans to launch a chip and signature version of its mPOS dongle as it prepares for America's upcoming switch to EMV.

The US is finally set to follow much of the rest of the world and migrate to EMV over the next year. Visa and MasterCard have set out a roadmap for the introduction of chip cards, with liability for fraud-related loses switching to retailers that have not upgraded their hardware in October 2015.

In preparation, Square has built a new version of its card reader, which looks much like the current one but has a slot for customers to park their cards in during transactions.

Unlike mPOS firms in Europe, Square has not built a PIN pad into its reader, with customers instead signing to complete transactions. Square has yet to make moves into Europe, sticking to the US, Canada and Japan.

The reader will still accept magstripe cards and has a mini USB port so that it can be charged.

Square, which initially pitched itself to small businesses that do not accept card payments, is hoping that the EMV switch will help it win over larger merchants looking to overhaul their systems.

The company claims that most EMV offerings cost hundreds of dollars and require lengthy contracts, whereas its new chip reader will give sellers an affordable and seamless transition to securely accepting chip card payments.

Jack Dorsey, founder, Square, says: "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."

Comments: (0)

Comment on this story (membership required)
Log in to receive notifications when someone posts a comment

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board, sign up now.

Related blogs

Create a blog about this story (membership required)

Related stories

26 June, 2014
28 May, 2014
25 April, 2014
22 April, 2014
07 March, 2014
30 July, 2013
15 May, 2013
26 April, 2013
17 September, 2012
02 July, 2012
17 January, 2012
09 August, 2011
10 March, 2011

Related company news

Your browser is unable to support Flash files.

Top topics

Most viewed Most shared
Visa Europe opens innovation hub
9430 views comments | 38 tweets | 21 linkedin
Barclays launches £100 million fund f...
6078 views comments | 21 tweets | 10 linkedin
Malawi takes steps to create a digital pay...
4873 views comments | 18 tweets | 10 linkedin
Goldman Sachs invest in Circle
4687 views comments | 6 tweets | 7 linkedin
Steve Wozniak joins board of blockchain-ta...
4501 views comments | 50 tweets | 17 linkedin

Featured job

Basic £90-110K OTE c. £200K AND NO CEILING
London based with substantial travel in the DACH Region

Find your next job