QFPay, a Square-like mobile payment solution in China

Country: China
Year founded: 2011
No. of subscribers: Over 50,000 SMEs (Nov 2015)

  • QFPay, a company similar to Square that takes e-payments via a smartphone, has secured series B funding worth $16.5 million
  • QFPay allows merchants or users to accept debit and credit cards payments using a smartphone.
  • It accommodates magnetic and chips cards and cards with or without PIN which fully comply with the PBOC payment requirements.
  • The company’s ambition is to expand into more value-added services for merchants such as the provision of small loans, and is likely to expand into non-financially related services in an ecosystem-like play – it aims at becoming a marketing platform for SMEs.

Value Proposition 

  • The main product of QFPay is QPOS:By connecting a smartphone to the QPOS, which looks like a mini calculator as illustrated below, users will be able to convert it into a mobile payments system that accepts cards and gain access to other value-added applications such as transaction records and receipts to enhance business productivity

QF Pay

  • Comparison between QPOS and traditional POS:
  QPOS Traditional POS
Price No deposit, lower than market rate RMB 1500-3000
Application processing time 2 working days Weeks to months
Payments methods Can be fixed, mobile and on-the-go Only fixed
Value-added features Transaction records, receipts, etc. Only for payments

How does it work?

  • Step 1: Application and set up
    – User can submit an application for QPOS and in 2 working days, upon approval, the subscriber will receive QPOS device along with the supporting devices and manual
    – To facilitate the payments in a mobile device, user will need to download a compatible application in iOS, Android or Windows
    – Once activated, the device will be set up for use
  • Step 2: Process payment transaction
    – User can input the transaction amount in the mobile device and the same will appear in the QPOS
    – Swipe the customer’s credit/bank card in the QPOS
    – Upon successful transaction, the QPOS will request for verification
    – The customer can then key in the PIN or sign if applicable
    – Once completed, the customer can choose to receive the receipt to mark the end of the transaction
  • Step 3: Access value-added features
    – In the application downloaded, the user can also access numerous other features including the transaction records for the past 2 months or to resend a receipt
    – The application also allows cancellation of transaction within the same work day by inputting the security passcode
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