There are many Square clones in China.

Let's not mention Paypal's just-released credit card reader for physical store credit card mobile payment services. Let's take a look at China's local mobile credit card readers, and you may see them soon. If you show these pictures to Square CEO Jack Dorsey, I am afraid he will be familiar with it. One more thing is that these pictures are posted on Sina Weibo by different people, and Weibo just happens to be The Chinese product of the founder's Twitter. Jack Dorsey should be flattered when he sees so many Chinese clones chasing him? Let's listen to the behind-the-scenes stories of these Chinese local Square products.



Let's start with the first product on the left side of the picture above. Everyone should have seen it, Xiaomi Xiaomi (picture from the vice president Li Wanqiang), the card reader is the product of Lakala Lakara. Lakara is estimated to be a familiar brand, because in many supermarkets or convenience stores, you can see its POS card machine, you can carry out various types of household electricity, water, mobile phone fees and so on. We communicated with its CEO Sun Taoran, pointing out that credit cards have become popular and widely accepted in many cities in China. This is a thriving business. More and more restaurants, supermarkets and karaoke stores accept credit card payments. In fact, Shopping girls will also find support for the place to buy clothes. Of course, China's smartphone users are also growing, which provides a certain customer base for mobile payments. The Beijing-based company emphasizes that its mobile card reader can be used directly without the need to install software. Of course, the details have not been revealed, and will not be known until the release in May.


Of course, Lakara is not alone, and one opponent is the iBoxPay box to pay, the device in the middle of the picture above. You may recognize the UnionPay logo at once, and in fact the product was released last summer. What you see this time does not confirm whether there are new features, such as support for RFID reading and barcode scanning. The official website has not been updated, and the old products are still displayed. But its official Weibo account tells us that the test program running on the current product is very close to the new one.


The last one in the picture above is the 99bill product, which was released last September. This is also the fast money brand on the Internet payment, which is currently in small-scale testing. We continue to discover and find a similar product, the YeahKa music brush, also released in September last year, the Square clone, from the Shenzhen company. Another QianDaiPay purse bag, which you see in the picture on the right, also has the same mobile credit card reader, but has added support from NFC.


It is hard to say which of these companies will lead in China's huge mobile payment market, because some of these products have not yet been officially introduced to the market. From the current point of view, Lakara may have a certain advantage, and its existing channels and outlets are relatively developed; however, the combination of the two technologies in the field of mobile payment is also a big advantage. From another perspective, the security of mobile payment in China is still worrying, and some criminals are afraid to use some means to copy credit card related information and then steal it. Of course, which one can solve this problem, dispel consumer concerns, ensure safety, and which will win in the market. It should also be noted that the Chinese online payment big brother Alipay seems to be still standing still, will it easily miss the battle, or will it be post-production? What opinions do you have? Welcome to share them with everyone.

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