Startup company Square, which provides technology that allows users to swipe credit cards using an iPhone, has announced that it will distribute an encrypted card reader by summertime. This comes after potential security loopholes have been exposed, particularly about “card skimming” or stealing credit card information.
The company, which has recently received financial banking by Visa, will provide a secured card reader that would only work with its own mobile payment app.
The new reader will be available free of charge to users who downloaded the Square app, which by the way also remains free.
Source: TechCrunch
