The integration and establishment of an industrial chain is not reflected in one company or one product.
For example, the electronic consumer market that Xiao Qi cares about includes Taobao.com and Xiaoyao Mall, which are responsible for sales, Xiaoyao Wallet and Zifubao, which are responsible for fund supervision, Fairy Bank, which provides credit guarantee, and Xiaoyao Logistics and Xiaoyao, which are responsible for transportation and storage.
With this kind of express delivery, it can be considered a relatively complete industrial chain.
Of course, this does not mean that this industry chain is perfect. Xiao Qi is still trying to add more things to it to make it more powerful.
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, in just over a month, it has swept across North America.
At that time, there were 12 million small shops in the United States, and 7 million individuals applied for Square mobile card swiping devices, while Canada also added 1 million users within a week.
The biggest reason for such popularity is, of course, that the Square mobile card swipe is free. As long as you fill out an application and it is reviewed, the Square mobile card swipe will be delivered to your store or home soon.
The financial industry in North America is actually very irregular. It is no exaggeration to describe it as a chaotic mess.
There are dozens of times more financial cases in North America than in China every year.
However, financial fraud in China is still limited to low-level methods such as phone fraud, while financial fraud in the United States has become so sophisticated that I don’t know how many smart people have been fooled.
Tools such as the Square mobile card swipe to obtain personal information such as credit cards are very cautious and cannot be easily taken out by people.
But the square mobile card reader is different from other tools. The boss behind it is Xiao Qi. And this idea belongs to Xiao Qi.
This means that from the very beginning, Xiao Qilai founded 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, of course everyone will trust him very much.
To put it bluntly, Xiao Qi's current credibility is better 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 such a large number of applications for the square mobile card reader in one year.
It developed so rapidly from the beginning, which is actually not necessarily a good thing.
Because starting from August last year, the number of stores and individuals applying for Square mobile card swiping machines has become much smaller. By the end of last year, there were only 22 million stores and 32 million individuals in North America who had applied.
Of course, this absolute number is already quite a lot, but considering the ferocious momentum from the beginning, it seems to be a bit short.
As for the reason, it is that the people who believed in Xiao Qi the most had already applied from the beginning, and those who joined later joined after seeing the convenience, convenience and cheapness of the square mobile card reader.
The management of square company are all professional elites recruited by Hoffman, and they have long expected such a situation.
Therefore, whether it was prosperous at the beginning or slightly deserted in the following months, their work attitude has not changed.
On the one hand, they continue to strengthen the confidentiality service of the Square mobile card swiping device as much as possible, and on the other hand, they actively communicate with merchants, individuals and banks so that the entire card swiping system can be more integrated into people's living environment.
The most important thing about a card reader is, of course, its confidentiality.
If the user's identity information and bank account secrets are leaked, it will undoubtedly be a disaster, and the entire square will be destroyed.
Therefore, in the Square company, there are at least twenty engineers working day and night to write new password codes so that the dynamic password of the Square website can be changed at any time and will not be cracked by hackers.
In this regard, several of Xiao Qi's super hacker friends also contributed their share.
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 under the sun, so they are very grateful to Xiao Qi.
For example, the confidentiality measures of the Square mobile card swipe machine are not difficult in their opinion. The key lies in preventing network attacks. Since all transactions are processed through Square, as long as the Square company's website is properly guarded against,
, then you can block attacks from hackers.
To this end, they have designed several sets of plans, allowing engineers to rotate them, and they also guarantee that they will replace them with another batch in three years, which will prevent attacks from other hackers to the greatest extent.
After handling the password service, the next step is to connect the procedures with the bank.
The reason why square mobile card swiping device has gained a good reputation is not only that it is Xiao Qi's company and that square mobile card swiping device is provided for free, but more importantly, it charges.
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 credit cards, and Europe has more than 3 billion credit cards.
Even South America, which is not very economically developed, has more than 3 billion.
Such a large number of credit card users has also given rise to many credit card giants, such as visa, masterard, jb, etc.
They charge 3% to 5% for small businesses and 1% to 1.5% for large businesses. We almost have an offensive and defensive alliance to make money from users together.
The square mobile card swipe only charges 15 cents plus a 2.5% handling fee for each transaction, and manually entering the credit card account and password costs 15 cents plus a 2.75% handling fee, which is not high.
Therefore, the emergence of Square mobile card reader has changed the situation of high credit card processing fees.
The bank that provides bank support for the square mobile card reader is naturally Xiao Qi’s die-hard ally Citibank.
Citibank was the clearing bank for the square mobile card reader from the beginning, so most of the people who first joined the square mobile card reader had Citibank accounts.
Also because it has the backing of Citibank, people have more trust in the square mobile card reader. It is really convenient to use, and naturally they like to use it more.
After such a short period of half a year, everyone saw that Square’s mobile card swipe machine not only did not collapse, but actually worked steadily. Immediately, interest arose: Wow, this company has not been defeated by many major credit card alliances? Look.
It’s really Xiao Qi who wants to seriously build a new online credit card software company!
Since you don’t have to worry about the Square mobile card reader breaking down, and because it has a very low handling fee, ordinary people like you are not rich, so of course you can save whatever you can.
So starting from the beginning of 2010, Square mobile card swiping devices became popular again and spread directly to South America.
As we all know, people in South America are more enthusiastic and unrestrained. To put it bluntly, they are also more lazy and greedy for enjoyment. They are not much better than those in Southeast Asia.
But their resources are very rich. For example, Chile is the largest copper ore producer, Brazil is the largest iron ore storage country, Argentina is the world's largest beef cattle producer, etc., so their lives are usually relatively easy.
In such an environment, people are still very keen on consumption, and credit cards are of course very popular here.
Such a cool product as Square's mobile card swiping device allows them to reduce their expenses. This is naturally welcomed by them, and within half a year it has become the company with the largest market share in Brazil, Paraguay, and Mexico.
It greatly surpasses the two giant companies JB and Visa.
In just half a year, decades of hard work by others have been wiped out. The momentum of the square mobile card swipe device is simply astonishing.
Citibank, which provides bank support for the Square mobile card swipe device, is naturally very successful here. In these three countries alone, there are more than 7 million new account opening users, which is the number they had in the previous two years combined.
Among them, the accumulated floating funds in Citibank amount to hundreds of billions of dollars. This huge amount of accumulated funds is enough for Citibank to subsidize its excessive losses. Of course, the interest that Citibank should pay to Square Company is still
To give.
With the successful experience in North and South America, the development of square mobile card swiping device in Europe is naturally unstoppable.
Since June, the British company Square has been established.
In August, the German square company was established.
In September, the French company Square was established.
By the end of October, the number of European shops and individual users of Square's mobile card swiping device has exceeded 39 million, which is even more fierce than the original momentum in the United States. At the same time, the total number of global users of Square's mobile card swiping device has exceeded 39 million.
380 million!
Based on this number of users, from North America to South America and then to Europe, it only took more than a year for Square mobile credit card swipe to become the fifth largest credit payment company after the four major credit card groups!
Moreover, Square has started to make small-scale 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, with such a large market size, even if the square mobile credit card swipe only accounts for 1 billion users, it will at least reach 1 billion users that year.
Can earn more than 10 billion US dollars!
This means that Square will become a golden doll in the future, bringing a steady stream of wealth to Xiao Qi!
I don’t know how many people are envious and jealous of Xiao Qi’s idea.
I don’t know how many people are eyeing the square mobile card reader and want to get a piece of the pie.
In July last year, JB's offer to Xiao Qi was a wholly-owned acquisition of US$1 billion, but now Masterard has offered US$30 billion to acquire it. The specific method is part of the cash payment and part of Masterard's shares. Such a valuation increase rate
, which is also difficult for those old-fashioned businessmen to imagine.
The Internet era is an era of creating wealth miracles! (To be continued.)