Square is quite popular in the US when it comes to mobile payments, though its success elsewhere has been limited because the company's Reader device hasn't been able to recognise chip cards. Until now.
The Square Reader was the first product released by Square, and it is used to read the magnetic strips commonly found on US-based credit and debit cards. More specifically, it consists of a read head that connects to a mobile device's audio jack in order to accept/send and then digitise card payments. Today however Square announced plans to release a new version of Square Reader, and it's just for chip cards that feature an embedded EMV chip.
In other words, Square will soon support the EMV global standard developed by Europay, MasterCard, and Visa. To help create a new experience for customers and merchants, Square also announced it has an online EMV hub. The website will "equip sellers of all sizes with critical information and tools necessary" to be able to accept chip cards by October 2015.
"There are more and more ways to pay, and with options like Bitcoin and contactless, customers expect to pay however they want; cashiers should never have to say ‘We don’t accept that',” said Jack Dorsey, founder of Square, in a press release. “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.”
Square’s new reader, which can securely accept chip card payments, will launch later this year for pre-order. Much like the old Square Reader, it will work with iPhone, iPad, and Android devices. You can sign up on Square's EMV hub to be notified when the new Square Reader for chip cards becomes available.