Visa And Square Partner Up To Buff Up Security
Since Visa’s investment with the mobile payment company, Square, we see that the two have announced a new version of the Square dongle that adds encryption and enhances security. Square has received much criticism in the past from Verifone, claiming that Square’s system is insecure and outdated.
Although Square has denied these allegations (who wouldn’t deny such allegations?), the company has introduced a new version of the Square reader that employs encryption, hinting that perhaps they did agree that security needed to be enhanced. Of course all this comes after Sony’s PlayStation Network gets hacked, is down for seven days, and has personal information of 70 million members stolen.
With the new encrypted reader, users will only be able to use it with Square’s application and will encrypt all data that is transmitted back and forth. Good news for all you Square users out there, the reader will still be free to those who already pay transaction fees. We don’t yet have information on whether Square will replace all of the unencrypted readers that are currently out there yet, but we will cover that story when we learn about it!
Photo Courtesy of RobertScoble
Photo Courtesy of Hatrick