An inductive coupling reader includes a passive interface circuit for modulating the impedance of an antenna circuit and extracting from the antenna circuit a data signal and a RF clock signal, and circuitry for coupling the reader to a removable security module. The reader includes an emulation circuit for opening a RF transmission channel with another reader, a non-removable electrical link linking the emulation circuit to the passive interface circuit, by which the data signal and the RF clock signal are supplied to the emulation circuit, and a data bus clocked by a bus clock signal having a frequency inferior to the frequency of the RF clock signal, for linking the emulation circuit to the removable security module. The reader has low electrical consumption.