California-based mobile payments platform provider Square has introduced its chip-card reader for customers at a pre-order price of $29.
EMV chip cards, which are considered more secure than the magnetic stripe cards, are the new payments standard planned to be adopted by October 2015.
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The new Square reader will appear similar to the mag-stripe version with the capacity to read both chip cards and magnetic cards.
The company has indicated plans to offer a separate chip card accessory for point-of-sale terminals at $39.
Jesse Dorogusker, head of hardware at Square said in a statement, "We’ve simplified the traditional cumbersome, power-hungry EMV terminal that costs sellers hundreds of dollars and requires complicated contracts. Our chip reader is designed with custom components and software to offer every seller a beautiful, secure, and incredibly affordable EMV solution."
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By GlobalData
