Published at 25th of December 2020 01:25:04 AM
“Brother Ki, this payment software is what makes me confident in competing with other MNCs . You know about the finance industry, but do you know what Internet Bank is?”
In Feng Yu’s previous life, Ma Yun’s Alipay is the world’s third-biggest Third-party payment platform . Its scale and number of users are the highest, and at the same time, they had many competitors . That means many people can see the high profits from third-party platforms .
In this life, Third-party payment platforms will appear earlier . They will be used on eBay, Amazon, Alibaba, and Polar Bear Internet companies . Feng Yu will have the opportunity to gain control over three major markets, North America, China, and Eastern Europe . His payment software will be much better than the payment platforms in his previous life .
In Feng Yu’s previous life, Yahoo, Softbank, and Ma Yun’s team jointly developed Alipay’s technology . When Ma Yun was the CEO, he separated this Alipay and transferred to his own company . This decision was controversial and caused a dispute between the three parties .
Yahoo’s share prices fell, but Alibaba’s share prices continued to rise because of Alipay . Alipay’s estimated worth is much higher than Alibaba’s group of websites and became its most valuable asset .
Kirilenko thought to himself after hearing Feng Yu mentioned Internet Bank . What’s so difficult to understand about it? It’s just online banking .
“Feng, I know about this . It is just like Nasdaq, where all the transactions take place electronically . Stocks are also financial instruments . Then the stocks on Nasdaq are all Internet Bank, right?”
Feng Yu took out two cigars and passed one to Kirilenko . He took a puff and said . “What is said is also considered Internet Bank . But the Internet Bank I am talking about is very different . Internet Bank is not only using internet technology on traditional financial instruments . Our Internet Bank will take place online . Regardless of the market, services, products, regulations, etc . will all be online . There will not be any physical counters, and everything will be online . There will be no face to face interaction, and even if you hire a broker, all communications will be conducted online . ”
“Feng, this is not right . If I hired a broker and the communications are online, how will I sign the contract? How am I going to pay for his salary, and how can I trust him?” Kirilenko retorted .
“This is the time where our Third-party Payment Platform comes in . We will provide a credit guarantee and conduct credit ratings . The contracts can be downloaded from the internet, and both parties can verify through videos . Of course, both parties will need to print out the contract during the initial stage and signs it . But they will not need to do that in the future . ”
When the real-name system is implemented, many agreements and contracts no longer require signatures . They only need to click the confirm button, and it will be completed . For example, a stock trading mobile app only requires the user to take a video of themselves and upload a picture of their identification card . No signatures are required, and it is legally binding .
“Using videos to confirm?! The video quality is not good . ” Currently, online video quality is not good because of internet speed . Some ordinary users have no access to this technology .
“The internet is developing very fast, and you cannot use the technology now to judge the products three years later . Mobile phones can take pictures now . Have you thought about what mobile phones can do three years later?” Feng Yu waved his Wind and Rain Phone and said .
“You are right . Does that mean online videos will become common three years later?”
“In developed countries, it will not be a problem . Even the countries without good internet can allow the majority of their people to go online . Also, after this Internet Bank is introduced, internet development will speed up . It might be faster than what we expected . ”
“Then what do this Internet Bank services comprise of? What products are there?” Kirilenko asked .
“We will offer whatever traditional financial institutions offer . For example, investing and financial planning, savings, withdrawals, loans, currency exchanges, etc . We can also provide services that traditional financial institutions cannot offer . For example, crowdfunding . ”
Crowdfunding? What is that? Asking everyone to provide funds to one person? What’s so special about this? The traditional financial institutions do have this service . ” Kirilenko replied with a ‘don’t think I don’t know about this’ expression .
“You are right . The traditional financial institutions do have this service . But let me ask you . Can a traditional financial institution raise 1 million from 1 million people?”
“What? 1 million USD from 1 million people? That means each person has to contribute 1 USD? Who is so free to travel to donate 1 USD?”
“That’s right . No one in their right mind will travel to the bank to invest 1 USD for a company . But what if it is online now? All you need to do is to click on your mouse and enter the third-party payment code . Everything will be completed within a minute . ”
Feng Yu is not making up this ‘1 million shares to raise 1 million USD . ’ In his previous life, a writer wants to publish a book . But no publisher is willing to publish it as the contents are too sensitive, not appealing, etc . But at that time, the writer started crowdfunding . The writer’s fans contributed 1 RMB each and funded this writer to publish this book .
To the fans, 1 RMB is nothing, but with all the fans giving 1 RMB each, that is a big amount . Some authors even used this method to turn their novels into video games and TV series .
It is too troublesome to go to the bank to donate 1 dollar . But if this transaction is conducted over the internet, it will be much easier .
Some small-time singers want to release their albums, new directors asking for funding for their new movies, and even roadside stalls asking for funds to set up a shop . Many failed, but many others succeeded .
This proves that Internet Bank can do what traditional financial institutions cannot .
These are only the tip of an iceberg . There are too many ways of making money through this Third-party payment platform . Just look at those bankers from traditional financial institutions . Which one of them had lost money?
The MNCs from China and all the major banks in the world are on the top of the list . But this Third-party payment platform will be an institution that can rival and even exceed them!
“Brother Ki, Internet Bank is more convenient than what you can imagine . For example, if you want to get a loan and have good credit ratings on our platform . Our platform can issue the loan immediately . We can even introduce Internet Bank instruments for the ones who like to invest and profit from there…”
As Feng Yu describes what Internet Bank can do, Kirilenko’s eyes got brighter . This Internet Bank is like a treasure cove . This Third-party payment software must be developed immediately!
Translator’s notes:
Real-name system
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