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24 § DGC Magazine October 2009 Webmoney Special Issue
out because there still exists a lack of trust betweeneveryday Russian citizens and banks. In addition, many people simply can afford the bank fees.Living in America and “opting out” of a U.S. bank account effectively condemns a person to lower quality,
more expensive alternative nancial services and check
cashing stores. The U.S. non bank consumer is chargedexorbitant fees and generally forced into a very ugly
nancial experience. NOT SO in Russia! Excellent options abound for non
bank Russian consumers.
a LeveL pLayInG FIeLD For russIanConsuMers
There is a real competitive science to the Russian non bank payment systems and it was the digital currencyInternet that seems to have leveled the global playing
eld introducing new modern payment products. In
Russia, if you build a better payment system the world
WILL beat a path to your door! The business WILL NOT
th Wm tf gd f i cc idig cm
accesstoimportantnonbankfnancialtools
which il mch hi dg d lclcicmc.
Webmoney is software which connects non bank
consumers with payment providers, nancial services
and global business. This solution is truly a model for the rest of the world.
The Russian non bank nancial environment is
completely the opposite to what is found in the UnitedStates. Local shoppers do not have wallets packed with plastic cards and ultimately cash is king. A large part of the Russian population “opts out” of what Americanswould view as a traditional banking relationship. TheseRussian consumers simply do not have bank accountsand don’t want them. Unlike non bank Americanconsumers, this segment of the Russian populationwas not formed because of strict regulations, creditreporting and ID requirements. Russian consumers opt
W
ithout
a
bank
account
,
or
an
atm
card
...
hoW
does
the
average
r
ussian
W
ebmoney
user
gain
access
to
cash
on
a
daily
basis
?
non bank proDuCts & servICes
h
igher
fees
,
Predatory
lending
Practices
and
dangerous
neighborhoods
are
just
a
samPle
of
What
’
s
Waiting
for
you
in
a
merica
Without
a
bank
account
.
USANONBANKUSANONBANK
26 § DGC Magazine October 2009 Webmoney Special Issue
get crowded out by regulations & banking monopolies.
(we all have seen how the U.S. regulations crowded out and persecuted e-gold.com )
Over the last decade, Webmoney Transfer has built the best online payment system I have ever had the pleasureof using. Furthermore, after a few days in Moscow,we recognized that the digital currency side of thecompany’s business, which receives the most exposurein western countries, is only a tiny part of the overalloperation. There are a majority of products and serviceswhich cater to Russian language users.Webmoney Transfer is considered one of the premierenon bank digital currency systems in the world and thesales growth chart below should illustrate this point.Obtaining credit and paying on time is touted as away to get ahead in America. Plastic cards and thestrict concept of managing your balances are pushedonto children as young as eight years old. American,consumers are compelled to use American banks and agood credit rating is the highway on which you travel& enjoy the “American Lifestyle”. If you don’t have a bank account in America, you are not mainstream, youare the exception to the rule and treated as so. Expensive“check cashing stores” operate across the country in place of banks and service an ever expanding U.S. non bank consumer market.While a bank...is a bank...is a bank and the servicesthey provide don’t differ very much in price or options,non bank digital currency systems such as WebmoneyTransfer offer a variety of products and cater services
specically for customer’s needs.
(no matter what country)
Each jurisdiction and each identiable group
of Webmoney consumers receives special treatment.This type of non bank service is not available anywherein the U.S.
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