In China Telecom, China Unicom and China Mobile, they have made great efforts to develop mobile payment, but when the technical bottleneck cannot be broken, Square has already flourished.
The former low-key Twitter CEO Jack Dorsey is leading the re-starting Square company to become the new favorite of Silicon Valley. He finally realized that he could not ignore the propaganda of himself and the company. Jack Dorsey was interviewed by the famous American fashion magazine Vanity Fair (Vanity Fair), Square placed a large advertisement in Times Square in New York. On March 10, Dorsey responded to VeriFone CEO Doug Bergeron about Square security. Sexual accusations - these are logical things.
Square breakthrough
In December 2009, Dorsey announced that Square officially began operations. When Dorsey revealed his business plan, there was a rumor that the company was named Squirrel. The company's main business is to provide payment services for iPhone users. The hardware device looks like pine nuts.
On March 4th, Square handled more than $1 million in transactions per day. Perhaps for too many companies, the average daily flow of $1 million is not a big deal. But for Square, which is opening up the soil, this number means a breakthrough.
Mobile payment shows a huge market potential in the era of mobile money where everyone wears mobile phones and bank cards more than cash. According to the latest research report by British research firm Juniper Research, by 2012, the total value of digital goods and physical objects purchased through mobile phones worldwide will reach 200 billion US dollars, compared with less than 100 billion US dollars in 2010. Market research firm IE Market Research expects global mobile payment transactions to reach $1.13 trillion by 2014.
In the traditional sense, the mobile payment value chain has multiple links, including mobile operators, payment service providers (banks, UnionPay, etc.), application providers, equipment providers (terminal manufacturers, card suppliers, chip providers, etc.), systems. Integrators, merchants, and end users.
While many merchants who are paying for this big fat are still pondering how to break down barriers in every aspect of the value chain, Square takes a different approach. What makes Square unique is that it provides users with equipment and corresponding service software for free. This device is very compact and can be plugged directly into the phone's headphone jack, turning the phone into a mini mobile pos. It can also be said that it makes the phone a card reader, but reads the user's credit card.
Maybe someone wonders why it is plugged into the headphone jack? Square converts the read credit card magnetic stripe information into an audio signal that is input to the phone by the headphone jack and then pre-installed by the user on the iPhone or Android. The audio signal is converted into digital information. These payment information is encrypted and transmitted to the server via the wireless network. After receiving the payment information, the server completes the verification and sends a handshake signal to inform the user whether the mobile phone is successfully swiped.
The beauty of Square is that it simplifies the traditional mobile payment value chain and creates a direct channel between the user and the bank card. Square also plays the role of application provider, device provider and system integrator, providing convenience to users, and the road to making money naturally goes well.
Dorsey Growth
Silicon Valley entrepreneurs are the ones who best match the description below: every new business opportunity will create a group of rich people. When others don't understand, he understands what he should do; when others don't understand, he understands what he is doing. When others understand, he is rich; when others understand, he succeeds!
Let's review the road to entrepreneurship in Dorsey. In April 2007, at the SXSW conference, Dorsey, Williams and Stone co-founders jointly announced the creation of Twitter. Dorsey is the CEO.
The brilliant road of Twitter no longer needs to be described. Dorsey said his intention was to create a service, not a company. He started the idea of ​​"update content with text messages" at Odeo, and then created Twitter.
After turning from an engineer to a CEO, Dorsey seems to be unable to enter the role. His character is introverted, and it is not easy for such people to transform from technology to management. At the end of 2008, the board of directors believed that Dorsey's communication skills needed to be strengthened, and he had differences with other executives on the development direction of Twitter. Dorsey retired from the position of the CEO.
When talking about the embarrassing topic of CEO title loss, Dorsey replied: "Communication is very important both externally and internally. We can do better in communication matters, and I personally do the same."
The original intention of Square was traced back to Dorsey's speech at Webster University in mid-September 2009. In his speech, he said that he will gradually shift his energy to areas such as financial services and health care. He believes that the current financial services industry in the United States is too "abstract" and he feels it is necessary to do something to change this situation. And his entry point is mobile payment. According to his vision, once the Square business model is successful, it will change the existing pattern of communication between small businesses and consumers.
With the lessons of the past, after Square embarked on a benign development track, Dorsey no longer only worked hard, and advertising marketing was done.
On January 11, Square announced a total of $27.5 million in venture capital from Sequoia Capital and existing investor Khosla Ventures. The financing raised Square's valuation to $240 million. At the same time, Square's advertising shines in Times Square. The Pai Pai veteran and company CEO Keith Labers said: "Not everyone knows Square, but everyone should know. Our mission is to promote it."
Labers is proud to say: "We haven't promoted through important channels, and users have already started to register in groups." But good wine is also afraid of the alley. He claims that after the resources that Square has, the company will Invest more money to promote the charm of Square. Square will be marketed through social media and traditional marketing methods such as Twitter and Youtube.
Based on the premise that the daily transaction amount is 1 million US dollars, Square's annual income can exceed 10 million US dollars according to the 2.75% handling fee. Labers expects the company's transaction volume in the first quarter will exceed 40 million US dollars. Dorsey is growing with Square.
Not many competitors
When Square slowly became the Paypal in the real world, no one else was idle.
Square's most direct rival is Bling Nation, a provider of mobile payment solutions. The BlingTag microchip developed by Bling Nation is about the size of a coin and can be attached directly to a mobile phone. BlingTag does not pick the phone model. After the consumer is equipped with BlingTag, they can complete the payment with their mobile phone in the store that cooperates with Bling Nation. BlingTag can also be connected to the user's PayPal account. Users do not need to provide personal information when paying. After each transaction is completed, they will receive a text message sent by the system to confirm the transaction status. If the phone is accidentally lost or stolen, the user can use the password to cancel the BlingTags function at any time.
Bling Nation charges a 1.5% transaction fee per transaction, which saves users a 50% commission compared to regular Visa and MasterCard. This low-price strategy forced Square to cancel the 15 cent fee in February to increase its competitiveness against Bling Nation.
The NFC (Near Field Communication) method is the mainstream of mobile payment technology and has become the first choice for many companies involved in the mobile payment field. As a member of the mobile payment industry chain, smartphone manufacturers and operators have rushed to the beach.
The self-developed mobile payment service that Google plans to launch is based on NFC technology. Google hopes to save users' account information, gift cards, membership cards and group purchase information through the NFC chip on the mobile phone, and users can pay online by mobile phone. In November 2010, at the Web 2.0 conference, Google CEO Eric Schmidt showed off a mobile phone similar to the Samsung Nexus S, which has a built-in mobile payment system. I believe this is the prototype of Google's NFC mobile phone.
Apple hired Benjamin Weichel, an expert in the NFC field, in 2009, and his task was to let Apple's future products have built-in payment functions. The iPhone 5 loaded NFC chip is basically nailed on the iron plate. According to Richard Crown, chief financial adviser at Crone Consulting, Apple currently pays credit card management fees for every iTunes transaction. By encouraging consumers to use their bank accounts directly, Apple can effectively reduce costs, why not.
On March 2, BlackBerry maker RIM said it will equip all BlackBerry devices with NFC capabilities and will build a feedback system to improve this feature.
In November 2010, Verizon Wireless, AT&T and T-Mobile, the three largest US mobile operators, jointly established a company called Isis to launch NFC-based services in 2012. Credit card giant Visa is also testing contactless payment services and plans to commercialize the service in mid-2011. Japan's DoCoMo's NFC e-wallet business Osaifu-Keitai has long been popular in China.
The big cake of mobile payment is already in front of us. How to divide it depends on how the company shows its magic. It is only natural that consumers pay only for the convenience of quality services.
Wood bench is made of solid wood which is available with ash wood, beach wood, oak. Colors available for the wood is: natural, black, light walnut ,dark walnut. The moisture content of our wood is 10% which can make the wood be used for long time. When you put wood bench in your house, it can make your house to be more luxury and more closer to nature as the bench is made of natural solid wood.
Wood Bench,Wooden Long Bench,Wooden Street Bench,Outdoor Wooden Bench
DELO SOFA , https://www.modernluxuryfurnitures.com