Fresh from its newly announced partnership with Visa, mobile payments start-up Square is taking mobile security more seriously than ever.
According to an announcement from one of the company’s executive leaders, Square is going to make all of its dongles encrypt credit card data.
The move comes after competitor Verifone recently blasted Sqaure and its leaders for not doing exactly that.
Also providing impetus for the decision is that Square must now conform to Visa’s new set of mobile application best practices, which were just made incumbent upon the mobile payments provider following the investment into the company this week by Visa.
As the electronic payment industry continues to evolve, Square will innovate and work with partners to ensure new types of merchants can accept payment cards to grow their businesses – in the simplest, quickest, most secure way possible.
Keith Rabois, Square’s chief operating officer, says the relationship between Square and Visa “was a natural one because Square could convert the 27 million businesses that don’t accept credit cards into Visa customers.”
“We’re empowering people to accept credit cards that historically have not,” Rabois says.
Square says an average of 100,000 new merchants are now signing up for the service every month.