Mobile payment company Square introduced on Wednesday a new reader that will accept chip cards, which are already popular outside the U.S. and are expected to hit it big stateside in the next few years.
Square allows users (typically small business owners) to accept credit card payments via mobile devices such as the iPhone, iPad and Android smartphones. Now, the new white dongle is readying small businesses for EMV revolution in the U.S.
EMV — which stands for Europay, MasterCard and Visa, a global standard for chip cards — offers more protection than the standard black magnetic strip we’re used to seeing behind credit cards. As the industry shifts to these chip-enabled cards, which is expected to hit the mainstream market in fall 2015, Square will be ready to accept them with the new reader.
One of the major differences is that the new reader requires charging — it comes with a USB port. But considering the heightened benefits of data protection and security, it’s just a small extra step merchants need to take to keep the product powered.