If Square is right now dancing to the tune of Huey Lewis and The News' Hip To Be Square, we wouldn't be surprised. The mobile payment solutions provider unveiled, Monday, a new card reader that's thinner and lighter, and more importantly, offers better performance and reliability, which means fewer "reswipes" by its customers.

The new card reader is 45 percent thinner than its predecessor, does away with internal wiring and battery (the new card reader can now draw power from the mobile device to which it is plugged into), and comes with an improved 1/8-inch audio jack that makes it compatible with a greater variety of devices. The company said the reader also features a new magnetic readhead that pulls the data off the card with greater accuracy.

The friction of swiping has also been fine-tuned with Square tweaking the design of the spring to which the magnetic read head is attached.

"We engineered purpose-built components to create both excellent performance and beautiful design, without compromise," said Jesse Dorogusker, Square’s head of hardware, in a statement.

According to Dorogusker, the wires were the the first thing to go when the company cooked up the new design.

Square, which gives out the card reader for free to those who open an account with the company, didn't say whether it would replace current card readers with existing merchants and customers but said the current card readers will be completely phased out by the end of first quarter of 2014.

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Tags: Square