Mobile payment processor Square just launched its first chip-and-signature card reader that plugs into smartphones and tablets, thereby allowing merchants in the US to accept payments from both chip-based cards and magnetic-stripe cards. At $29 apiece, Square says the new Reader for Chip Cards is the cheapest chip-enabled reader on the market.
The new reader works with iOS and Android devices, and encrypts transaction data from start to finish to ensure secure payments. This offering comes well in time for merchants to make the mandatory switch to chip-based card-compatible payment terminals before October next year.
Square Stand owners who use their iPads to receive payments via magnetic-stripe cards, can also purchase the new Chip Card Accessory, which plugs in via USB and accepts chip cards, for $39.
Both products are available for pre-order today from Square’s online store, and buyers can expect delivery early next year.