Age of Dreams

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The smartphone market is lively and lively, and another market closely related to people's lives is also quietly undergoing changes.

The fact that people in developed countries like to use credit cards is actually wrong.

It should be said that people who are accustomed to spending first and then repaying, or those who have no money to buy things, like to spend with credit cards most.

With such a ratio, the people in Europe and the United States are much higher than those in Japan and South Korea.

Basically, Americans have to swipe their cards to buy bottles of water. Except for small cash when tipping, they are not used to carrying cash.

To put it bluntly, they actually don't have much money.

There are many poor people in the United States, but their welfare is good, so the poor will not be short of food and clothing.

Even for the middle class, they need to buy houses, consume, travel, etc. Every month's salary is paid, and most of them will be deducted by various credit card companies, and the rest must be reserved for their own medical care.

You read that right.

Although the United States has a very developed government subsidized medical policy, the problem is that there are too few public hospitals. Normally, you have to queue for a week, and some have to queue for half a year and a year.

That’s why there are so many private hospitals in the United States. You can enter private hospitals if you have money, and you can treat them immediately. The level of doctors is still very high, but the condition is that you must have money, so these middle-class people have to prepare in advance. .

So don't look at people from abroad boasting well. They all show you the best of themselves. Of course you think it's heaven.

Our country is not the same. When we show our national strength and conditions, we always take the good ones out... Show others the bad side of ourselves, that's a fool.

Back to the topic.

Americans' credit cards are part of their lives, so in order to adapt to their consumption, these businesses will naturally open many credit card swiping machines.

But the credit card is aimed at the merchant's credit card fee. It is too high.

And for ordinary small businesses, generally 3% -5%, American Express. That is, the issuer of the legendary supreme card, the American Express Black Card, charges up to 5.5%.

They are for big businesses. That's different. For example, Wal-Mart's handling fee is only 1%-1.5%. The difference is clear at a glance.

Therefore, the prices of goods in small restaurants, shopping malls and other places in the United States are not cheap, which is of course reasonable.

Recently, in June, a mobile payment card reader called square began to emerge, which happens to be a product aimed at this mobile payment market.

The square mobile card reader is about half the size of a matchbox and can be inserted into the earphone jack of a mobile phone. Right above it is a credit card slot similar to a machine credit card reader. You can use a credit card or debit card to swipe on it to achieve credit card consumption.

According to the official instructions, the square mobile card reader converts the credit card magnetic stripe information into audio, and then supports the square application of the five major mobile phones of the fairy system, the system, the bada system, the Microsoft system, and the Android system, and the audio will be converted. Then the payment information is encrypted and transmitted to the server for payment and deduction. Finally, the server returns to the application program to show whether the card swiping is successful or not.

If you don't have a credit card with you, it doesn't matter. You can also complete the transaction by manually entering your credit card information, password, etc. through the square application on the merchant’s mobile phone.

And the entire transaction process has a very strict encryption method. It is impossible for the merchant to view the credit card account number and password you entered on the mobile phone, which guarantees the safety of the credit card.

The advantages of the square mobile card reader are many.

First of all, it is very convenient to use. As long as you call square, you can receive a square mobile card reader for free. At the same time, you can use the square mobile card reader to accept a valid bank checking account and download the square application. Swipe to pay the bill.

Then you can view the items and prices of your transaction on the website of the square company according to the data sheet number you swiped. As well as the time and place of the transaction, there are very clear indications. This gives consumers a great security guarantee, allowing them to know their consumption status.

The same goes for merchants. According to their registered square account, they can see their sold product data, flow, and can store and analyze users' consumption information, which is very helpful.

The important thing is that its credit card fee is very low. Each credit card only needs to pay a fixed fee of 15 cents and 2.5% of the handling fee. In the previous life, their handling fee was 2.75%, but Xiao Qi has a wealth of money and there is no need to rely on it. The processing fee makes a lot of money, so it is directly reduced by 0.25%, which is 0.5% cheaper than the 3% minimum charge of several major credit card alliances for small merchants. This is a lot!

If you don’t bring a credit card and you pay by manually entering your credit card account and password information, the handling fee is only 2.75%, plus a fee of $15 for each card swiping-the previous square mobile card reader rule, this manual input of credit card information However, the fee is 15 cents plus 3.5% of the transaction amount.

The square mobile card reader is not only used by fixed merchants. For example, when you sell things at a flea market, you usually pay with cash in the past, but now with the square mobile card reader, you can safely pay with a credit card.

Ordinary meeting transactions are the same. A mobile phone and a square mobile card reader can solve the problem, which is safe and convenient.

With so many benefits, the square mobile card reader has been developing in full swing in the United States since its launch for more than a month.

More than 12 million small businesses in the United States have already applied for and used the square mobile card reader, and the number of individual applications has exceeded 7 million. Almost the total sent volume has reached 20 million-everyone is not afraid of waste, anyway, use it. There is no charge if you don't use it.

The number of US credit cards issued is 210 million and 180 million. Except for children who are not eligible to receive a card, basically Americans will have their credit card.

Compared with the number of credit cards issued by the two super giants, the square mobile card reader, a mobile payment service platform that also charges merchant fees, seems to be very weak at present, basically one-tenth of their share.

And this is only in the United States, and the number of cards issued globally exceeds 3 billion, and the square mobile card reader has only begun to develop in the United States.

However, there are many smart people in the world, including American Express, Japan and other companies. After seeing the popular mobile payment platform prospects of square mobile card readers, they immediately contacted Square, the former third-party payment platform. PayPal’s vice president of operations, Jack Bupa, wants to acquire square company wholly.

Anyway, the credit card issuing companies are all super bosses and don't lack money.

When you hear the name paypal, you know that Jack Bupa is an old friend of Hoffman and he was invited by Hoffman to come. For this reason, Xiao Qi gave him an annual salary of 3 million U.S. dollars and 1% of square shares. .

Jack Buppa is a smart man, so he knows how broad the prospects of square are, so even if he heard a wholly-owned acquisition offer of up to $1 billion, he was not tempted at all.

He just revealed the names of the company's founders and largest shareholders, and these credit card issuing giants immediately died down.

As soon as the news spread, everyone caused a sensation.

It is also the company of the world's richest man Xiao Qi!

It's Xiao Qi's creativity again!

How smart and knowledgeable is he? It seems that as long as it is about the Internet and intelligence, there are not many things he does not dabble in!

With this sensational publicity, the square mobile card reader quickly rushed to the Canadian market, setting an amazing record of sending 1 million square mobile card readers a week.

You know, Canada is famous for many places and few people, with a total population of only 40 million. One million square mobile card readers account for at least one-third of their small shops!

But ~www.readwn.com~, a company that is so popular in the United States, did not intend to take the opportunity to market in Europe.

Because Xiao Qi told Jack Bupa that after the first step is successful, what is left is to continuously stabilize the basic market of the North American market. After occupying 80% of the mobile card business and more than 30% of the credit card market, Only consider marching outwards.

Stabilizing the market is one aspect, and the other is that the European debt crisis is about to break out.

In such a harsh financial environment, credit card consumption will be weakened to the utmost extent. Even several credit card giants have been complaining. Square, which has just entered the market, will not join in the fun.

Although Jack Bupa thought Xiao Qi was too conservative, he also admired Xiao Qi's stability.

A good company is easy to set up and easy to become famous, but it is not easy to prosper for a long time.

Only this kind of cautious and steady company can take root in the depths of the market and get the most benefits!

(Please subscribe more, brothers!) (to be continued)