Rocket Internet is set to launch a clone of card payment startup Square, according to reports. The project, reportedly called Zenpay, has not been launched yet, but Rocket is in the process of registering the respective domains around the world.
Square was founded by Twitter creator Jack Dorsey and allows credit card payments through a user’s smartphone, either by swiping the card on a special Square device or by manually entering the details. The revolutionary service was launched in 2010 and is available for iOS and Android devices.
According to Deutsche Startups, the new clone will be a top priority for Rocket, the Samwer brothers’ controversial incubator known for setting up companies using already existing ideas.
Square allows any seller, be it a market stall owner or even for private sales, to accept credit card payments. Dorsey was inspired to found the company when a friend complained that he could not complete the sale of his glass taps and fittings because he couldn’t accept card payments. Square has so far raised $137.5 million and is currently valued at more than $1 billion.
Cloning Square presents some challenges to Rocket – it has never dealt with hardware components before and is not known for producing spectacular apps. In addition, the rules for dealing with card payments are different in every country, a logistical nightmare when Zenpay, in accordance with Rocket’s usual SOP, is being launched in many territories around the world in a short period of time.
But there will be confidence that enough sellers and buyers can be convinced of the system’s merits to make it succeed.
One of Rocket’s most recent project is a clone of social gift-giving service Wrapp called DropGifts. The Swedish original fought back recently by announcing it as rolling out in several new countries, including Germany.