Square is all set to release an updated card reader that encrypts credit card data this summer, according to an SAI report.
It seems although the current Square has meets industry guidelines, Square has decided to upgrade the device in order to meet the best practices of its new investing partner – Visa.
Today, Visa announced mobile security best practices. Square is excited to collaborate with Visa in helping define and shape the security guidelines for the rapidly evolving mobile acceptance space. The adoption of best practices will help increase trust in innovative payment solutions. Of course, Square complies with all current industry standards, and we are committed to meeting or exceeding industry guidelines as they evolve — all while keeping our card reader free.
Just recently Square was criticized by VeriFone for not encrypting transactions.