The company has now added the ability to accept smartphone transactions through its credit card reader.
Square, the startup company that first drew attention to itself when it created a credit card reader that small businesses and merchants could use in order to accept credit card transactions, has now announced that mobile wallet transactions are being added to its accepted payment methods.
Though the adoption of smartphone payments isn’t expected to take off for a long time, Square will be ready.
The industry feels that there will still be years that need to pass before the mobile wallet becomes a mainstream form of payments transaction. Even though some giants have already offered their own versions of the technology – including Apple, Google, and various credit card and banking leaders – they have yet to take with consumers in any widespread way. That said, some feel – as Square likely does – that by providing merchants with a simple and affordable tool to actually accept these mobile payments, it may boost the feeling of familiarity with these transactions.
In fact, some have speculated that the mobile wallet may catch on even faster if enough processors are put in place.
It was in exactly this light that Square had unveiled its own updated credit card reader that could also accept mobile payments through the wallet apps of various companies, such as Android Pay and Apple Pay, among others.
Square has said that it expects the new version of its mobile payments reader to be broadly available by the fall of this year. It functions wirelessly for small businesses and sellers who want to be able to accept contactless transactions over a smartphone or tablet. That said, it also makes it possible for merchants to be able to accept EMV enabled credit cards, that is the type of plastic card that has an added security chip embedded into it.
The new mobile wallet payments reader will be sold for $49. That said, there will be around 250,000 small and medium sized businesses that will be receiving the readers for free as the company launches the devices and hopes to widen their use right from the start.