The chip reader, which will cost USD 59 and will be available for purchase through the company’s website and at major retailers, was designed by a team of hardware engineers at its Toronto offices.
Square was launched in Canada in 2012 and only offered support for major credit cards, despite the fact that consumers here tend to use debit cards more than credit.
A recent report by Payment Canada found that 24.8% of payments in 2016 were done through debit card, up from 20.4% in 2011. In comparison, credit card use was 21.8% in 2015.
New and existing Square sellers won’t have any transaction fees for debit purchases made through the rest of 2017 on the new accessory.
The company processed more than USD 50 billion in transactions in 2016, up 39% from 2015. In its most recent earnings, Square saw a 26% jump in quarterly revenue and payment volume up 33% to USD 16.4 billion.
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