I'm wondering how Square's business will change once EMV readers become active on Oct 2015. First off, the EMV readers are expensive. Second, Square has no idea if the business model will work with EMV. It could be that the flow of having to type in a PIN number disrupts things to the point where merchants would rather use a more expensive but bigger EMV reader. Since they are more expensive, will Square be forced to charge merchants for the readers?

There are so many questions for me about how their business will work under EMV and it could be that their growth gets curtailed dramatically, meaning that people who bought in before Oct 2015 would be left holding the bag.