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In an effort to get American merchants onboard with the new (EMV) technology, Visa and MasterCard have set an October 2015 deadline for businesses to have EMV-enabled readers. Mobile payment company Square announced this week that their new reader will accept chip cards and be ready for pre-order later this year.
EMV — which stands for Europay, MasterCard and Visa, a global standard for chip cards — offers more protection than the standard black magnetic strip we're used to seeing behind credit cards. As the industry shifts to these chip-enabled cards, which is expected to hit the mainstream market in fall 2015, Square will be ready to accept them with the new reader.
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