Reported today by Washington Post, Square, the revolutionary mobile payment service is now processing $4 million per day. China, now has over 318 millions mobile internet users, and good mobile payment solutions are definitely needed. So there is no reason we shouldn’t look at the Square.

QFPay (the Chinese name means Money Square), the Beijing-based company is rumored to provide a similar solution like Square. QFPay has been working in a stealth mode for a couple of months, just today it published several messages on Sina Weibo to introduce itself for the first time and also look for more engineers. It says,

QFPay is an innovative mobile payment service which enables everyone to pay with bank cards anywhere and anytime. QFPay team is very experienced with members are from the product teams of MasterCard, IBM, ZTE, Motorola, Baidu, Tencent, Yeecha etc. QFPay is to create a brand new product for online payment.

QFPay’s official site, QFPay.net has not been launched yet, and there is almost zero information published about its bank card reader, yet. But according to an insider, he said,

  • the company is backed by a few angel investors with strong connection in the industry;
  • the bank card reader may come with a small keypad for users to enter the pass code;
  • instead of using the audio jack, the bank card reader is connecting with iPhone’s 30-pin dock connector.

We also heard that the UnionPay, is also working on a similar idea. Instead of working on the hardware solution, Alipay is seeking the software solutions to make the mobile payment easier, such as the Barcode Payment.