As the transition to EMV finally takes root in the US, Square has started taking pre-orders for its new EMV-compliant card reader.
Square’s new reader will allow its mobile payments service to accept new chip-embedded cards being issued in the U.S. next year.
The company is planning to start shipping next spring, well ahead of the ahead of the looming EMV deadline when companies who have failed to make the switch will accept full liability for fraudulent purchases.
While the new Square Reader is still reasonably priced, the cost has risen to $29 from $10 for its last incarnation. Instead of swiping, EMV cards are inserted chip-side first into the slightly larger reader, and authorised with a signature.
Square is offering a merchant friendly solution to the EMV transition, which is much cheaper than other POS solutions, especially those supporting NFC and mobile payments. It is highly unlikely that cards will be completely side-lined by new mobile payments solutions, but Square still faces competition.
Mastercard is working with Stripe to expedite the payment process for American sellers on the latter's marketplaces using the instant payouts feature from Stripe.
Lloyds has launched biometric finger print authentication for mobile banking.
Barclaycard has partnered with Case Station, a company that makes personalised phone cases, to embed contactless technology in the latter's smartphone cases.
Digital challenger bank, N26, which has been live for one and a half years and has more than 200,000 customers, rolled out a new feature that allows its customers to transfer money using Siri. All they have to do is talk to it.