QFPay, The Square of China, Is Processing Close To $400M Per Year

QFPay's card reader admittedly looks a bit clunkier than its U.S. or European equivalents Square or iZettle. It looks like a wonky, old calculator. But that's because Chinese consumers don't trust merchants easily and a basic phonejack reader without a keypad makes them nervous, says COO Tim Lee. He says consumers are worried that their PINs will get stolen by unscrupulous merchants.

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