Square Raises the Stakes on Mobile Payments Security

Square Raises the Stakes on Mobile Payments SecurityOn Wednesday, Square announced its plans to release Square Reader for chip cards.

The offering in question is an EMV solution to combat card fraud and protect sensitive payment data.

“Continuing its commitment to provide sellers more ways to securely accept payments, Square’s new reader will give sellers the ability to accept chip cards with a low-cost, beautifully designed mobile card reader that offers further protection from card fraud,” the mobile payments company said in a news release.

In conjunction with the announcement, Square also launched a dedicated EMV destination to equip sellers of all sizes with “critical information and tools” necessary to stay ahead of the upcoming need for U.S. businesses 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,’” says Square boss Jack Dorsey. “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.”

For now, the company hasn’t announced when the new product will be available, although we’re told preorders should begin before the end of this year. And the move can’t come soon enough for Square, which is rapidly losing ground to the likes of highly popular and trusted solutions from PayAnywhere and GoPayment.

To learn more about Square’s EMV solution, click here.