Square Introduces EMV Chip Card Reader for U.S. Market
Square has announced a new payment card reader designed to support EMV chip technology, aligning with the upcoming U.S. transition to more secure payment methods. The device, available for pre-order with shipping expected in 2015, marks a significant upgrade for mobile payment processing.
Key Features of Square’s EMV Reader
- Chip Compatibility: Reads embedded microchips in EMV-capable cards, replacing reliance on magnetic stripes
- Global Standard Alignment: Supports payment cards used widely in Canada, Europe, and other regions
- Backward Compatibility: Maintains swipe-and-sign functionality for traditional magnetic stripe cards
Why This Upgrade Matters
The U.S. remains the last major market still primarily using magnetic stripe technology, despite its higher fraud rates compared to chip-based systems. Industry statistics show:
- Reduced Fraud Risk: EMV technology significantly decreases certain types of payment fraud
- Liability Protection: Merchants using chip readers gain protection against certain fraud liabilities
- Global Compatibility: Enables acceptance of international payment cards with chip technology
Practical Considerations for Merchants
While the new reader maintains Square’s familiar design, it introduces one important operational change:
- Battery-Powered Operation: Requires periodic charging via micro USB port
- Enhanced Security: The added maintenance is offset by substantially improved payment security
This development comes as U.S. financial institutions prepare for the October 2015 deadline to implement chip-and-PIN technology, bringing American payment systems in line with global standards that have proven more secure for decades.
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