China UnionPay Said To Be Launching Square-Like Card-Acceptance Device


China UnionPay, China’s national card network, soon may launch a mobile card-acceptance device similar to the one Square and other companies have launched in the U.S., according to local media reports.

UnionPay did not respond to PaymentsSource calls and messages seeking to confirm the reports and to gather more information.

Weidong Wang, an analyst from the Beijing-based iResearch Consulting Group, tells PaymentsSource, and citing local media, the service would target Chinese small and midsize businesses,

“Judging by the rumors, the device is portable, low cost, and applicable to small and medium-sized businesses and individual businesses,” says Wang, who sees a positive future for such a device if the reports prove to be true.

In the U.S., Square Inc., VeriFone Systems Inc., Intuit Inc. and other companies have launched card-acceptance devices that attached to mobile phones, and their target market tends to be small merchants that lack storefronts, including babysitters and plumbers.

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