Square Announces Plans for EMV Chip Reader (Aug. 4, 2014)
Square, the San Francisco-based mobile card reader provider, will be releasing a new card reader enabling merchants to use their mobile devices to accept payments from cards that are EMV-enabled. The chip reader will be available for pre-order later this year, according to an announcement. Square also launched a new section of its Website with information for merchants about the upcoming payments networks’ upcoming fraud liability shifts, which take effect in October 2015.
Seventy percent of credit cards and 41 percent of debit cards in the U.S. will be equipped with EMV technology by the end of 2015, according to a recent Aite Group report. The consultancy also predicts EMV-enabled card issuing will ramp up beginning in fourth quarter 2014—a year ahead of the fraud liability shifts.
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