02 December 2015

Square gears up for US EMV switch with chip card reader

30 July 2014  |  7364 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


Top topics

Most viewed Most shared
EPC publishes proposals for pan-European i...
8112 views comments | 36 tweets | 33 linkedin
Former Barclays chief forecasts massive jo...
7727 views comments | 30 tweets | 36 linkedin
WeChat launches mobile wallet in South Afr...
6713 views comments | 20 tweets | 16 linkedin
BBVA Bancomer first to roll out dynamic CV...
6442 views comments | 14 tweets | 21 linkedin
Hilton confirms data breach
5929 views comments | 11 tweets | 17 linkedin

Featured job

Competitive base, double OTE
London, UK

Find your next job