When the Square Reader for Magstripe hit the market in Canada just over a decade ago, it was a game changer for small businesses to accept credit card payments. Fast forward to 2019 and we were excited to announce our favourite little payment processor Square was able to accept credit and debit card payments wirelessly. Since then the technology has taken a leap, industry regulations have changed and the market has moving away from the tried and true magstripe. It’s now focusing on more secure chip and pin technology and contactless transactions. To that end, Square has announced that their flagship Square Reader for Magstripe will be discontinued officially in Canada on October 13, 2022.