WebMoney

Established back in 1998, WebMoney is a global settlement system that allows people and businesses to keep track of their funds, attract funding, resolve disputes and make secure transactions. This is not a basic e-wallet but a tool designed for more advanced users. However, their system is so complex that even they could have problems with making sense of all this mess and abundance of services. That said, have a look at the short review below to get some idea, but note that it needs actual practice to understand of WebMoney’s full potential and goal. T&C's apply to all bonus offers on this site. Click for a list of all banking methods.


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WebMoney

How It Works?

The system is designed for personal use and businesses. WebMoney can be used as a regular e-wallet or even to raise funds. It also has tools for merchants and retailers, websites, banks, freelancers and app developers. Note that no bank account or credit card is required to open or operate an account.

There are several purse types that users can have, such E-Purse, with holds electronic money in EUR, and G-Purse, which acts as a warehouse receipt of a gold stock held in a certified storage area. These are all combined into a single repository called Keeper under a unique identification number or WMID. This also allows members to exchange legally binding messages with other members and enter into contracts.

That said, there are many types of Keepers or accounts as well: including regular and more advanced e-wallets, the ones for mobiles, social networks and Windows machines.

Security

Operating such as complex system requires sound security. Among other things, peace of mind is provided by three main authentication methods: login and password, WM-identifier or PIN number, and personal digital certificates.

WebMoney also has a tool called WM-Passport, which contains last, first and middle names of the owner, as well as their passport and contact information. There are several types of such passports, each with different limits and purposes. This allows for more transparency between users and ways in which WebMoney users can use their account.

That said, funds are kept safe by specialised companies known as Guarantors.

Banking

Fees are charged in WebMoney and no other currency. In lieu with the company’s general approach, there are a ton of combinations and tariffs for both deposits and withdrawals. However, payments made between the same type of purse of the same WM-identifier or WebMoney Passport are free.

All in all, WebMoney wants to be everything for everyone. For now, they are mainly active in Russia, but if they want to expand to new markets they’ll need to reconsider the way they explain their universal payment system in a more straight-forward way than it is now.

Summary

WebMoney is a universal payment system that was established in 1998 and is mainly active in Russia. It’s designed for both personal and business use, featuring various API and ways to keep track and raise funds, resolve disputes and make secure transactions.

Click to visit WebMoney website.

Posted by CCJ Team