The Shanzhai industry is always beyond your expectation. The idea can get copied very quick, and because you have to compete with other copies, you have to make sure you can bring something fancy in order to stand out in the market.
Recently we met iBoxPay, another Square liker from Shenzhen. Unlike Yeahka which is Shenzhen-based, iBoxPay’s product is not available in the market, yet. But, what impressed me is that the features promised on its official site are just amazing. RFID reader, Barcode Scanner, the Square-function, USBKey for secure, e-signature etc, it looks like iBoxPay is going to offer you a All-in-One solution combines with all future’s mobile payment methods. I just can not wait to check out how it will work.
Even more interesting, we also realized that the founder of iBoxPay is also the share-holder of GooApple, the Android-powered iPhone 4 clone. The founder also confirmed that iBoxPay had just closed its funding from a very famous international VC.