Square is hoping to capitalize on this transition by being one of the first companies out of the gate in the US to offer small and medium-sized business owners a smaller, less-expensive alternative to buying a whole new set of credit card terminals. But because the swipe-and-sign system became overburdened with instances of fraud, MasterCard, Visa, and other financial groups decided in 2012 that they would transition their systems to a chip-based setup called EMV (eponymous for EuroPay, MasterCard, and Visa, the three primary developers of the standard) by October 2015. Currently, US consumers primarily rely on swipe-and-sign credit cards, which give card details to a merchant through the magnetic stripe on the back. Earlier this week, mobile payments company Square announced that it had developed a credit card reader that will verify purchases from an embedded chip on the card.
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