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.
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