The Millennium Semiconductor Survival Guide.

Chapter 96 Expansion of Electronic Payments

The underlying logic and required capabilities of product managers in different fields are similar, that is, to have a keen insight into user needs and meet user needs through your products.

When Zhou Xin started his business in the semiconductor field, he was a very good product manager.

He has a keen insight into the irrationality of product design and finds the right direction from the fog.

Zhou Xin has been planning since he came to 1998. What industry to start from can transcend time and space, which can be regarded as a 20-year enterprise.

From 1998 to 2020, more than 20 years is too long. The models of most Internet companies had extremely brilliant moments and then gradually declined.

Even Taobao occupied more than 95% of the market share in the e-commerce field at its peak, which is even more exaggerated than Microsoft's monopoly.However, under the encirclement and suppression of new e-commerce models such as JD.com, Pinduoduo, and Douyin, the market share has been declining.

An Internet company that can last for a long time must be a company that has a certain monopoly nature and cannot be replaced.

Zhou Xin's final choice is electronic payment. In the era of mobile Internet, electronic payment can evolve into financial technology.

Even after 2016, American will try every means to take NewPay away from him, and Zhou Xin will have enough chips.

The name of the software, including NewPay, is highly bound to Zhou Xin himself.

Those who don't plan for the world are not enough for a moment.

Therefore, all his industries are built around the core of electronic payment. From the earliest "Angry Birds", players have a preliminary concept of electronic payment.

Subsequent Riot games deepened the concept of electronic payment, and then the official launch of NewPay, as well as the payment question and answer session, all centered on the core of electronic payment.

"Boss, after Quora's paid question-and-answer session was launched, NewPay's payment behavior has increased by more than 1000%, and our registered users have exceeded 500 million.

At the beginning, the retention rate of the 500 million users was only about 30.00%. After the Quora paid question and answer function was launched, the user return exceeded 40.00%. Currently, the number of users with non-zero NewPay account balances exceeds 70.00%. "

Warren Jensen was very excited. Originally, most of NewPay's users were "dead" users, that is, users with only account numbers and no transaction records.

The user retention here means that many users come specifically for the incentive plan. After getting 10 dollars in their account balance, they either transfer 10 dollars to their bank cards or pay for their own credit card bills.

All of these users are now active.

Of course, except for the fixed $10 incentive at the beginning, after the number of users exceeded 100 million, this incentive plan changed to $1 to $10 immediately, and most new users can only get $1 after registration.

After reading two answers, it returns to zero.

This is still out of fear of supervision, and did not take out Pinduoduo’s slashing game. If it was taken out, it would not shock the American Internet at the turn of the century.

After Warren Jensen finished speaking, Peter Thiel continued:

"With the new data, we can better negotiate with Ebay. Compared with NewPay, Ebay's payment software is not used at all. Ebay users need NewPay!

I've researched Ebay, and compared to Amazon, Ebay's users can't use a credit card to shop, and most of Ebay's sellers are part-time, occasionally selling items.

Their transaction limit is too small to meet the requirements of the business credit card application, which results in the buyer needing to mail the seller a check or money order based on the bid amount.

In addition to the time it takes for the buyer to draw the check, this requires a very lengthy process, and the buyer generally needs to wait for a week to receive the purchased product.

And Billpoint, the payment software acquired by Ebay itself, is very imperfect. Ebay users need NewPay very much. I often see posts about how to use NewPay in Ebay seller forums. "

After the paid question and answer function came out, Peter Thiel had a deeper understanding of Zhou Xin. As a former professor of philosophy, Peter Thiel thought that his evaluation of Zhou Xin was high enough, but the paid question and answer subverted his opinion again. know.

For some reason, Peter Thiel has an intuition that the paid Q&A is entirely for NewPay services.

If there is no NewPay, even if Yahoo launches its own quiz community, Zhou Xin will not bring the paid quiz function to the market.

Zhou Xin, after listening to the speeches of the NewPay executive team one by one, concluded:
"What everyone said is very good, many places are similar to my thoughts, and I will make some suggestions as supplements.

Whether it is Ebay or Amazon, there are situations where the seller does not deliver the goods after the user purchases, or there are problems with the delivery.

That is to say, the risk of electronic shopping is entirely borne by the buyer, which is very unreasonable.

A buys a certain product from B, and then pays, and B will deliver the goods after receiving the payment. If he sends a defective product, the risk in the middle is entirely borne by A.

Ebay's secured transaction mechanism can solve the problem, but it can't solve all problems.

Once a problem occurs, the process of applying for a lawsuit is too lengthy, which will seriously affect the user experience. "

When early users sell items on Ebay, they need to pay a deposit to Ebay. This deposit is used to ensure that sellers will not sell items with questionable quality.

Later, the seller's credit rating mechanism and complaint mechanism were gradually introduced.

However, in Zhou Xin's opinion, these mechanisms are still too complicated and not very friendly to Ebay, which is dominated by individual sellers.

"NewPay acts as the intermediary, the money paid by the buyer is deposited into NewPay's virtual account, and when the buyer confirms receipt of the goods, the money is automatically sent to the seller.

If the buyer does not confirm receipt of the goods within 7 days, the system will automatically accept the goods by default and transfer the money to the seller's card.

This lowers the threshold for users, which is conducive to the promotion of Ebay, and at the same time we can obtain a sufficient amount of liquidity.

Whether it is a buyer or a seller, it perfectly avoids transaction risks. "

Zhou Xin paused for a moment, seeing that all the executives were thoughtful, and continued after ten seconds:

"This is actually a kind of guaranteed transaction, but we have turned the long-term guaranteed transaction that Ebay is currently doing into a real-time guaranteed transaction. The seller originally needed to pledge $300 with Ebay, but now only needs to pledge the corresponding amount of goods every time a transaction is made. The deposit is with us.

The time has been shortened from permanent to a maximum of seven days.

You can ask any questions you have. "

Max Levchin asked: "For Ebay, they have less liquidity, will they agree?"

Zhou Xin explained: "For Ebay, they have passed on the intermediate risks to us, and at the same time, with the help of the NewPay model, Ebay can increase users more quickly.

It's a triple win. "

Ebay’s method of paying a deposit for sellers still works in American, but it is not acclimatized in Huaguo.

The sellers in Huaguo didn't want to pay the deposit at all, and they threw themselves into the arms of Taobao.

I just didn’t expect that Taobao really doesn’t want your deposit, but if you want to buy traffic, the money is much more expensive than the deposit.

Of course, if Ebay wins in the end, it will also charge traffic fees.

"This is my idea, whether it can be promoted or not depends on everyone.

In addition, Quora currently has more than 50 users from Europa. Due to the regulatory requirements of the Europa region, NewPay’s business cannot be carried out in the Europa region for the time being.

But the Europa region needs real-time attention. After they open up restrictions on electronic payment, NewPay will become the first electronic payment company to enter the Europa region. "

As a senior person in the financial field, Warren Jensen has been paying attention to this development: "I have talked about this topic with my colleagues at the European Central Bank. They will use England and France as pilots to open up electronic payments. authority.

We can prepare first, including discussing cooperation with banks in these two countries, and the system docking can start. "

(The European Central Bank was established in June 98. If it had been earlier, it would have had to be negotiated with the central banks of so many countries in the Europa region.)
　Today's last chapter, I originally wanted to write five chapters, I feel a little uncomfortable, I feel like I have caught the flu, I will see if I can add another chapter tomorrow morning
　　
　
(End of this chapter)