Chapter 2975 Upstart in the Credit Card Market

The integration and establishment of an industrial chain is not reflected in a company or a product.

For example, in the electronic consumer market that Xiao Qi cares about, there are Taobao.com and Xiaoyao Mall in charge of sales, Xiaoyao Wallet and Zifubao in charge of fund supervision, Fairy Bank provides credit protection, and Xiaoyao Logistics and Xiaoyao in charge of transportation and storage. Express delivery... After this, it can be regarded as a relatively complete industrial chain.

Of course, it doesn't mean that this industrial chain is perfect. Xiao Qi is still trying to add more things to it to make it stronger.

The Square mobile card reader is a powerful weapon added by Xiao Qi.

In June last year, the Square mobile card reader started operating in North America. As a result, it has swept across North America in just over a month.

At that time, 12 million small shops and 7 million individuals in the United States applied for the Square mobile credit card reader, and Canada also added 1 million users within a week.

The biggest reason for the popularity is, of course, that the Square mobile card reader is free of charge. As long as you fill out an application and pass the review, the Square mobile card reader will be delivered to your store or home soon.

The financial industry in North America is actually very irregular, and it is no exaggeration to describe it as a wild dance of demons.

There are dozens of times more financial cases in North America than in Huaguo every year.

It's just that Huaguo's financial fraud is still limited to low-level methods such as telephone fraud, while the financial fraud in the United States is already superb. I don't know how many smart people have been fooled.

People are very cautious about tools such as the Square mobile card reader to obtain personal information such as their credit cards, and it is impossible to take them out easily.

But the Square mobile card reader is different from other tools. The boss behind it is Xiao Qi, and the idea is Xiao Qi.

That is to say, from the very beginning, Xiao Qi created the Square mobile card reader.

With Xiao Qi's reputation and strength, as well as his reputation of doing what he says and operating honestly for so many years, everyone will of course trust him very much.

To put it bluntly, Xiao Qi's current credibility is more effective than that of many local governments.

That's why so many shops and individuals have applied for the Square mobile card reader. Otherwise, according to the rules of the previous life, there would not have been so many applications for the Square mobile card reader in a year.

It is not necessarily a good thing to develop so rapidly from the beginning.

Because since August last year, the number of shops and individuals applying for the Square mobile card reader has decreased a lot. By the end of last year, there were only 22 million shops and 32 million individuals in North America.

Of course, this absolute number is already quite a lot, but considering the ferocious momentum from the beginning, it still seems to be a little short.

As for the reason, it is that the people who believed in Xiao Qi the most had already applied for it from the very beginning, and those who joined after that all joined after seeing the convenience, convenience and cheapness of the Square mobile card reader.

The management of Square Company are all professional elites that Hoffman found, and they had already expected such a situation.

Therefore, no matter whether it was a boom in the beginning or a slight desertion in the next few months, their work attitude has not changed.

On the one hand, they continue to strengthen the confidentiality service of the Square mobile card reader as much as possible. On the other hand, they actively communicate with merchants, individuals and banks, so that the entire card payment system can be more integrated into people's living environment.

The most important thing about a credit card reader is naturally its secrecy.

If any user's identity information and bank account secrets were leaked, it would undoubtedly be a disaster, and the entire Square would be destroyed.

Therefore, in the Square company, there are at least 20 engineers who are writing new password codes day and night, so that the dynamic password of the Square website can be changed at any time, so that it will not be cracked by hackers.

In this respect, several of Xiao Qi's super hacker friends also contributed their own strength.

They have already made a lot of money from the patent fees of the fairy system. Their life in the past two years has been very nourishing, and they can live in the sun, so they are also very grateful to Xiao Qi.

For example, the security measures of Square's mobile card reader are not difficult in their opinion. The key lies in the prevention of network attacks, and because all transactions are processed through Square's website, so as long as Square is well protected The company's website, then you can isolate the attacks of hackers.

To this end, they designed several sets of solutions, and let the engineers handle them in rotation. They also promised to change another batch in three years, which prevented other hackers' attacks to the greatest extent.

After handling the password service, the next step is to connect with the bank's procedures.

The reason why the Square mobile credit card reader can gain word of mouth is not only Xiao Qi’s company, but also the fact that the Square mobile credit card reader is free of charge, and more importantly, its fees.

In terms of credit card swiping, if you consider that the credit card penetration rate in developed countries is higher than their education penetration rate, and ordinary people have at least two or three credit cards, you can calculate how prosperous the entire credit card market is.

Americans alone have more than 1 billion credit cards, Canadians have more than 100 million, and Europe has more than 3 billion.

Even South America, where the economy is not very developed, has more than 3 billion copies.

With so many credit card users, many credit card giants have also been born, such as VISA, MasterCard, JCB and so on.

They are 3%-5% for small businesses, and 1%-1.5% for large businesses. Everyone almost has an offensive and defensive alliance to make money from users together.

The Square mobile card reader only charges 15 cents plus 2.5% handling fee for each transaction, and 15 cents plus 2.75% handling fee for manual input of credit card account and password, which is not high.

Therefore, the emergence of the Square mobile card reader has changed the situation of high credit card fees.

Naturally, the bank support for Square's mobile card reader is Xiao Qi's staunch ally, Citibank.

From the very beginning, Citibank was the clearing bank of the Square mobile card reader, so most of the people who first joined the Square mobile card reader had Citibank accounts.

It is also because of the endorsement by Citibank that people have more trust in the Square mobile card reader. It is really convenient to use, and naturally they prefer to use it.

After such a short half a year, everyone saw that the Square mobile card reader not only did not collapse, but was doing steadily, and immediately became interested: Yo ho, this company has not been defeated by many major credit card alliances yet? It seems that Xiao Qi really wants to seriously build a new online credit card software company!

Since we are not worried about the collapse of the Square mobile card reader, and because it has a very low transaction fee, ordinary people are not rich, so of course we can save as much as we can.

So from the beginning of 2010, the Square mobile credit card reader became popular again, and spread directly to South America.

Everyone knows that people in South America are more enthusiastic and unrestrained. To put it bluntly, they are also more lazy and greedy for enjoyment, which is not much better than those in Southeast Asia.

But they are very rich in resources. For example, Chile is the largest producer of copper ore, Brazil is the largest producer of iron ore, and Argentina is the largest producer of beef cattle in the world... etc., so their life is usually easier.

In such an environment, people are still very keen on consumption, and credit cards are of course very popular here.

Square's mobile card reader is such a cool product, and it allows them to reduce their expenses, which is naturally welcomed by them. In half a year, it has become the company with the largest market share in Brazil, Paraguay, and Mexico. Greatly surpassed the two giant companies JCB and VISA.

After half a year, it directly pulled down the decades of hard work of others, and the momentum of the Square mobile card reader is simply amazing.

Citibank, which provides bank support for the Square mobile card reader, has naturally been a great success here. In these three countries alone, there are more than 7 million new account users, which is also the sum of their previous two years.

Among them, the accumulated funds in Citibank are as high as hundreds of billions of dollars. This huge amount of accumulated funds is enough for Citibank to subsidize too many losses-of course, the interest that Citibank should give to Square, That still has to be given.

With the successful experience in North America and South America, the development of Square's mobile card reader in Europe is naturally overwhelming.

Since June, the British company Square has been established.

In August, the German company Square was established.

In September, the French company Square was established.

By the end of October now, the number of European shops and individual users of the Square mobile card reader has also exceeded 39 million, which is even more fierce than the momentum in the United States. At the same time, the total global users of the Square mobile card reader have broken through 380 million!

Calculated according to the number of users, from North America to South America, and then to Europe, Square’s mobile card reader has only been used for more than a year, and it has become the fifth largest credit payment company after the four major credit card groups!

Moreover, Square has started to make small profits since August.

Considering that the total number of credit card users in the world exceeds 3 billion, and a user usually has two or three credit cards, such a large market size, even if the Square mobile card reader only occupies 1 billion users, at least that year Can earn more than 10 billion US dollars!

This means that Square will become a golden baby in the future, bringing Xiao Qi a steady stream of wealth!

I don't know how many people envy and hate Xiao Qi's idea.

I don't know how many people are eyeing Square's mobile card reader and want to get a piece of it.

In July last year, JCB offered Xiao Qi a wholly-owned acquisition price of 1 billion US dollars, but now MasterCard has offered 30 billion US dollars to acquire, the specific method is part of cash, part of MasterCard's stock payment, such a valuation increase speed , It is also hard for those old-fashioned businessmen to imagine.

The Internet age is the age of creating wealth miracles! (~^~)