Retail in Asia

In Trends

Square unveils EMV solution to combat card fraud

Square said it will be releasing soon the Square Reader for chip cards, an EMV solution to combat card fraud and protect sensitive payment data.

The new reader promises to give sellers the ability to accept chip cards with a low-cost, mobile card reader that offers further protection from card fraud.

This follows the launch of a dedicated EMV destination to equip sellers with critical information and tools necessary to stay ahead of the upcoming need for US businesses 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’,” said Jack Dorsey of Square. "Our EMV readers are the next step towards ensuring sellers make every sale.”

Square said most EMV solutions cost hundreds of dollars and require lengthy contracts. Square’s new chip reader, available later this year for pre-order, is built to give sellers an affordable and seamless transition to securely accepting chip card payments.