Posted 06/09/2015 at 8:52 AM
Posted 2 years ago
A new product release by one of the main companies in the payment-processing industry looks to make mobile wallets much more easier for users to navigate.
On Monday, Square released information about a new credit card reader that will take mobile payments like those made via Apple Pay and the newly-launched Android Pay, in addition to other methods.
The reader will cost $49 and be made fully available in the fall.
The new reader will operate wirelessly, enabling merchants to make that a form of payment in their businesses.
The readers are also equipped to take EMV-enabled cards and process payment.
Those cards contain a chip that is built in to provide extra security against theft.
As an additional incentive, the San-Francisco based company will also be giving away 250,000 of the new credit card readers to small and mid-sized businesses to encourage them to utilize this new form of payment.
This new product may be of a great help – the new EMV standard formed by the alliance of EuroPay, MasterCard and Visa is set to be implemented for all merchants later this year.
The upgrade can be a bit costly, and Square is looking to alleviate those headaches plus ensure a steady rise in customers who could possibly use the new reader in their business.