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07-30-2014, 01:14 PM #1
Square Looks to Boost Mobile Payments Security on iDevices
Feeling the heat from secure solutions providers from across the competitive mobile payments landscape, Square is stepping up its game for merchants and other small business owners wanting to process customer payments on their iDevices.
Square has just announced its plans to release "Square Reader" for chip cards, which is billed as 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 company said in a provided statement.
If you're not familiar, EMV is a team effort, so to speak, led by the folks at MasterCard and Visa. The coupling was meant to boost the overall security of plastic transactions.
Square didn't confirm a release date today for the new mobile EMV readers, but we're told pre-orders will begin before year's end. The new standard for U.S. businesses will be to accept chip cards by October 2015, Square says.