Square's announcement today that the new card reader, which all merchants will be required to use by October 15, 2015, will cost $29.95 is especially disappointing in that the the reader will be obsolete on the day it is shipped.
Square has continued on its spectacularly unsuccessful strategy of being the outlier. The now no longer free reader will support EMV, the European Master Card-Visa standard which Visa announced its plans to implement in 2010. It will not support NFC, the contactless standard which allows for totally secure transactions with no chance of hacking of data.
All of Square's competitors have announced that upgrades to their payment terminals will be available to their merchants at no charge. We have 11 months to go shopping and find another alternative to what was, at one time, a spectacular product. "How the mighty have fallen"