There are dozens of chip readers on the market all around the world already, they just don't have the software, good design and price structure to match.
Answer-wiki pasted in for convenience:
«US only:
- Paypal Here ( https://www.paypal.com/webapps/mpp/credit-card-reader , US)
- Intuit Go Payment (http://gopayment.com/, US)
- Payware Mobile by Verifone ( http://www.paywaremobile.com/en , US)
- Phone Swipe (http://www.phoneswipe.com/, US)
Europe only:
- iZettle (http://izettle.com/ , Sweden, chipcard reader)
- Cellphony (http://www.cellfony.com/, FR, still in beta)
- iPay by PrivatBank (http://itunes.apple.com/us/app/ipay/id307368715?mt=8 , Ukrainia)»