WebMoney is owned and administrated by WM Transfer Ltd, and was initially
developed for the Russian market as a platform for instant messaging, credit
extension and bill payments.
It is now an extensive and comprehensive online financial transaction tool
and is available to CIS and Eastern European countries, as well as the USA,
Netherlands, Japan, Spain, Germany, Greece, France, Israel and the UAE.
In order to make transactions using WebMoney, a consumer is required to
download "WM Keeper" software at the website , or access "WM Keeper Light" via a
limited web client. Here, a consumer sets up a WebMoney account or "purse", and
selects his preferred currency from Gold Equivalents (WMG), US Dollar
Equivalents (WMZ), Ruble Equivalents (WMR), Euro Equivalents (WME) and Hryvnia
Equivalents (WMU). Account holder's are identified by WM-ID's which ensure that
they remain entirely anonymous.
Once an account has been created, the consumer adds funds to his/her "purse".
This can be done in many ways, making WebMoney one of the most accessible online
payment options. The consumer can either utilise a pre-paid Ukash or paysafecard,
a WebMoney pre-paid card available at numerous stores across Russian and CIS
cities, bank wire transfers, postal money orders, ATM's or they can purchase WM
units from authorised dealers at several locations. All options, excluding bank
wire transfers, are immediate. The advantage to having such a broad funding
option, is that consumers who are not in possession of a bank account, or those
who are unable to obtain credit, are still able to purchase WebMoney on a cash
basis.
The consumer can then redeem his WM units for products, services and gaming
credits at thousands of internet sites within seconds. This convenience is
coupled with several security advantages, in that WebMoney does not require the
use of credit card or banking details. As such, online fraud is not a concern.
As previously mentioned, because WebMoney clients are issued with WM-ID's, they
are anonymous and are further sheltered from identity theft. The most effective
prevention for the consumer however is the WM password. It operates in such a
way that payment for goods or services is released by the WM purse holder into a
online vendor's account, but cannot be redeemed unless the password (known only
by the WM purse holder) is made known to the vendor. The password is only
released once the goods/services have been delivered.
Clients are able to make withdrawals from their WM Purses utilising various
methods. They are able to cash out at any of WebMoneys' verified exchange
agencies or withdraw their funds via bank wire or money transfer.
A charge of 0.08%, no less than 0.01 in WM Equivalents is charged per
transaction, with maximum rates per transaction being listed quite clearly on
their website.
