The Road to Success
In order to be successful, the Webmoney software had to deliver payout and funding methods which were accessible for all potential local users. (rural, city, wealthy, poor, etc) In the new Russian cash based society, if consumers could not have quickly added funds to an account or accessed their electronic money, that new business would not have survived.
In contrast to some of the early digital gold companies, Webmoney Transfer's solutions did not target all of humanity. The Webmoney software specifically catered to the local non bank Russian population. Unlike potential global customers located across multiple jurisdictions, the local Russian consumers offered a very identifiable and distinct target market. As with any true electronic cash product, the new Webmoney accounts had to meet some basic requirements in order to succeed. Webmoney had to be:
-Instant & free to open
-Inexpensive to operate each month (cheaper than banks)
-Simple to understand and use (even for the smallest of local rural users)
Finally, the system had to be closely integrated into the local marketplace. In other words, the payments which could be made using Webmoney had to be useful for local consumers. It's easy to imagine the 1998 Webmoney team saying, "Everyone uses cash to pay their electric bill and cell phone each month, let's make it easy for them to pay online."
This new system of Webmoney online transfers has quickly developed into a simple but sophisticated account which attracts both small & large balances and functioned effortlessly for all local customers.
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