What is Webmoney?

3 mins 3 weeks ago Nov 14, 2023
Author: Mohammed Yousuf Syed
What Is Webmoney?

Online payment settlement service WebMoney is available globally. Even though it has its roots in Russia, it is currently widely used throughout. In 1998, the payment system became live. The development of the payment system was prompted by the late 1990s financial crisis. The ability to transfer dollars was provided.

The system has advanced throughout the years. The system now gives its users a variety of options. The result is that it functions as a payment mechanism, a choice for payments both in and out, and offers a unique set of benefits for enterprises. Moreover, using WebMoney as an e-wallet is the most common use. A bank or other financial institution stands behind the wallet in every nation that does so.

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What are the advantages of WebMoney?

WebMoney has created a variety of services throughout the years for both private individuals and business clients. Customers can, for example, deposit their wallets using cash, a bank transfer, a terminal, etc. Then, on any website that accepts it, you may select WebMoney as a payment option. Customers manage and control their wallets similarly to how they manage their online banking accounts. To control all of their money, they have access to their account.

Additionally, there are several prospects for business. Companies may, for instance, organize their workflow, safeguard transactions, and monitor and manage their finances. The payments can also be settled to the merchants’ bank accounts. But the elimination of chargebacks is undoubtedly the major advantage for the seller.


How does WebMoney Work?

WebMoney users can send and receive payments worldwide and store money online with WebMoney Transfer. Good news is, If you’re a WebMoney user, you can use many exchange directions for Crypto and E-currencies at DollarPesa. In order to use WebMoney services, the consumer has to set up a purse to accept payments and hold the currency on WebMoney official website. The system supports numerous purses that are protected by different tangibles and resources. Here are some examples of successful, more commonly used WebMoney purses:

  • WMZ – Equivalent to US Dollars (USD)
  • WME – Equivalent to Euros (EUR)
  • WMR – Equivalent to Russian Rubles (RUR)
  • WMU – Equivalent to Ukrainian Hryvnias (UAH)

A multinational network of companies serving as guarantors for the payment system holds the underlying assets for WebMoney units. Guarantors accept deposits and grant the corresponding WebMoney units on the underlying properties. WebMoney Transfer can be used for peer-to-peer transfers and will require an escrow system. It charges fees of 0.8 percent of the amount transacted, up to a maximum fee of 50 Euros. Moreover, WebMoney offers an application called WebMoney Keeper for Microsoft Windows, Windows Phone, Android, iOS, and Blackberry, to enable using their payment services.

How can I use WebMoney?

The customer shops on your website. The consumer selects WebMoney as their preferred payment option on the checkout page. The consumer then enters his or her account information and authorizes the transaction.

Why should I accept WebMoney?

The general public already favors this payment method. This payment option is available from several online retailers and service providers. Joining them will thus be a smart choice, especially if you’re going for the Russian market.

Additionally, this system is accessible in Kazakhstan, Belarus, and other nations; litecoin serves as an additional unit of account for the euro zone.

Numerous Russian internet consumers favor this payment option, as seen by the facts we presented at the outset. Offering it will therefore increase your chances for competition.