Major innovation in payment field: China UnionPay launched a payment service similar to Square

Square, a new upstart in the payment field, is famous for box payment. Its payment equipment is very small, similar to a small square box. Today @ Jinshajiang Zhu Xiaohu revealed on his microblog that China UnionPay has also launched a similar service, and pointed out that "with encryption chips, the cost is only 20 yuan! Swipe cards anytime and anywhere." It sounds very similar to Square, which is developing rapidly abroad.

Square was founded by Jack Dorsey, the founder of Twitter, at the end of 2009. This company has developed very rapidly. In just two years, it has signed 800000 merchants, with an annual transaction volume of more than 2 billion dollars.

The white small block device is a magnetic card reader that can be inserted into the iPhone headphone jack. When the credit card is crossed on the card reader, it reads the data in the credit card and converts it into an audio signal. On the other hand, Square's app on the iPhone will convert the voice signal into a digital signal again, and send it to the server through Wi Fi or 3G network in encryption, so as to finally complete the payment.

Square's ambition is to wipe out paper money and credit cards from the earth and bring mankind into the era of "mobile money". I think the launch of similar payment services by China UnionPay will greatly accelerate the arrival of this process. In addition, Jack Dorsey visited UnionPay Shanghai in January this year. Does this mean that UnionPay is cooperating with Square?