It is being seen that smaller vendors like coffee shops, food trucks or market stall
proprietors are accepting credit card payments in the US. This has become possible due to a small Square reader that can be plugged into a mobile device. The process is convenient and inexpensive as this little device has been designed to read the magnetic strips on credit cards. This facility is available only in the US as of now.
However, things are likely to be changed in 2015 when Square will launch the new chip-and-pin-compatible reader. The company has already started encouraging retailers to register interest.
Square has been quoted saying that “Square revolutionized magnetic-stripe credit card payments by making it easy for anyone to swipe credit cards anywhere. We’re bringing the same level of simplicity to chip card payments – so you can continue to do business without missing a beat.”
The change will enable Visa and Mastercard holders to finally get chipped cards in 2014 and this is likely to benefit Brits as it could conceivably see Square launch in the UK or, at the very least, offer Brits more security when they travel abroad.
Currently, British businesses also have the options to use the PayPal Here and iZettle readers, who’s readers are both chip-enabled.