The underlying logic and ability of product managers in different fields are similar, that is, they 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 in the fog.

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

From 1998 to 2020, more than 20 years is too long, and most Internet companies have had extremely glorious 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. But later, under the encirclement and suppression of new e-commerce models such as JD.com, Pinduoduo, and Douyin, the market share declined all the way.

Internet companies that can survive for a long time must have a certain monopoly nature and cannot be replaced.

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

Even after 2016, Ameriken will use various means to try to take NewPay away from him, Zhou Xin must get enough chips.

Including the name of the software NewPay, it is highly bound to Zhou Xin himself.

Those who do not seek eternity are not enough to seek a moment.

As a result, all of his industries are built around the core of electronic payments, from the earliest days of Angry Birds to give players a preliminary idea of electronic payments.

Later, Riot Games, deepening the concept of electronic payment, to the official launch of NewPay, and the paid Q&A session, all revolved around the core of electronic payment.

"Boss, after Quora's paid Q&A session went live, NewPay's payment behavior increased by more than 1,000%, and now we have more than five million registered users.

In the beginning, only about 30% of these 5 million users were retained, but after the launch of Quora's paid Q&A feature, more than 40% of users returned, and now the number of users with non-zero NewPay account balances exceeds 70%. ”

Warren Jensen was excited, and the original NewPay users were all "dead" users, that is, users who only had accounts and no transaction records.

User retention here refers to the fact that many users come specifically for incentive programs, and after receiving $10 in their account balance, they either transfer $10 to their bank card or pay for their 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 exceeds 1 million, this incentive program becomes 1 to 10 dollars, and the vast majority of new users can only get $1 after signing up.

Look at the two answers and it will be zero.

This is still out of fear of supervision, and did not take out the later Pinduoduo slashing game, if it is taken out, it will not give the Americon people at the turn of the century a little shock to the Chinese Internet.

After Warren Jensen finished speaking, Peter Thiel continued:

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

I've researched Ebay, and compared to Amazon, Ebay users can't use credit cards to make purchases, and most of Ebay's sellers work part-time and occasionally sell items.

They had too few transactions to meet the requirements for a commercial credit card, which led buyers to mail checks or money orders to sellers based on the bid amount.

Coupled with the time it takes for the buyer to withdraw the check, it is a very lengthy process, and the buyer usually has to wait up to a week to receive the purchase.

And Billpoint, the payment software that Ebay acquired itself, is very imperfect. NewPay is very much needed by Ebay users, and I often see posts on how to use NewPay in Ebay's seller forums. ”

After the paid Q&A function came out, Peter Thiel had a deeper understanding of Zhou Xin, as a former professor in the Department of Philosophy, Peter Thiel thought that his evaluation of Zhou Xin was high enough, but the paid Q&A once again subverted his understanding.

I don't know why, Peter Thiel has a gut feeling that the paid Q&A is all about NewPay services.

Without NewPay, even if Yahoo launched its own quiz community, Zhouxin would not have brought the paid Q&A feature to the market.

After listening to the speeches of NewPay's senior management team one by one, Zhou Xin concluded:

"Everyone said very well, there are many things that are similar to my thoughts, and I would like to make some suggestions as a supplement.

Whether it's Ebay or Amazon, there are cases where the seller doesn't ship the goods after the user buys them, or there are problems with the delivery.

In other words, the risk of e-shopping is entirely borne by the buyer, which is very unreasonable.

A buys a certain goods from B, and then pays for it, and B does not ship the goods until he receives the payment, and if he sends the goods in question, the risk is entirely borne by A.

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

Once a problem occurs, the process of filing a lawsuit is too lengthy, which can seriously affect the user experience. ”

In the early days, users were required to pay a security deposit to Ebay to sell items, which was used to ensure that the seller would not sell items of questionable quality.

Later, the seller's credit rating mechanism and complaint mechanism were introduced one after another.

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

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

If the buyer does not confirm the receipt of the goods for more than 7 days, then the system will automatically default to the receipt and transfer the money to the seller's card.

This lowers the threshold for users, facilitates the promotion of Ebay, and at the same time allows us to obtain a sufficient amount of liquidity.

Both buyers and sellers perfectly avoid transaction risks. ”

Zhou Xin paused, saw that all the executives were thoughtful, and after ten seconds, he continued:

"This is actually a kind of secured transaction, but we have turned the long-term secured transaction that Ebay is currently doing into a real-time secured transaction, and the seller originally needed to pledge $300 in Ebay, and now only need to pledge the deposit of the corresponding amount of the goods in our place every time the transaction is made.

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

If you have any questions, please ask. ”

Max Levchen asked: "For Ebay, they have less liquidity, will they say yes?" ”

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

It's a win-win-win. ”

Ebay, the way in which sellers pay a deposit, still works well in Ameriken, but when they arrive in China, they are not adaptable.

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

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

Of course, if Ebay wins in the end, it will also charge a data fee.

"That's my idea, and it's up to you whether you can push it forward.

In addition, Quora currently has more than 500,000 users from Europa, and due to the regulatory requirements in the Europa region, NewPay's business cannot be carried out in the Europa region for the time being.

But the Europa region needs to be watched in real time, and after they open up restrictions on electronic payments, NewPay will become the first electronic payment company to enter the Europa region. ”

Warren Jensen, a veteran of the financial sector, has been following this development: "I have talked about this topic with my colleagues at the European Central Bank, who have recently opened up electronic payment permissions, using England and France as pilots.

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

(The European Central Bank was established in June '98, and it would have been necessary for so many countries in the Europa region to talk about it one by one.) ）

Today's last chapter, I originally wanted to write five chapters, but people are a little uncomfortable, and I feel like I've been hit by the flu, so let's see if I can change the chapter tomorrow morning

(End of chapter)