NEW YORK (TheStreet) -- Square (SQ) - Get Report announced today that 100 local businesses will now be able to accept chip cards and Apple Pay (AAPL) with Square's new payments reader.

Priced at $49 and first announced in June, Square Reader wirelessly connects with Square Stand or mobile devices so that customers can make payments by holding their devices near the reader or inserting their chip card.

"Until now, technology like our new reader has been out of reach for local businesses," Jesse Dorogusker, head of hardware at Square, told USA Today. "Now Square sellers across the country can quickly and easily accept the new forms of payment that are crossing their counter tops."

On Wednesday, Square priced its IPO at $9 per share, and closed the week at $12.85.

Shares of the mobile payments company are slumping by 3.89% to $12.35 in afternoon trading on Monday.

Image placeholder title

SQ

data by

YCharts

Any reference to TheStreet Ratings and its underlying recommendation does not reflect the opinion of Jim Cramer, TheStreet or any of its contributors.