iBoxPay, a Square-like mobile payment solution and platform provider, announced $10 million of Series B financing from SMIT, GSR Ventures and Atomic (announcement in Chinese). The company received 14 million yuan financing (about $2.3 mn) from GSR Ventures in 2011.

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iBoxPay features RFID reader, barcode scanner, the Square-function, USBKey for secure, e-signature etc, as described on the company’s official website.

It stands out in the competitive domestic market as the first company that has passed security accreditation of China UnionPay and Banking Card Test Center. Acquiring accreditation from China UnionPay means that the POS devices of iBoxPay have reached the national financial security standards. It is so far the only company that won a China UnionPay accreditation for handset POS machines.

More than 1 million deals have been sealed on iBoxPay platform with a turnover of 1 billion yuan.