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All about Webmoney: Leading electronic payment processor in Russia

WebMoney is an online payment settlement system established in Russia in 1998. Currently, it supports over 40 million accounts, reporting 300,000 active weekly users in early 2020. Users can send & receive payments worldwide and store money online with Webmoney transfer. The most popular WebMoney usage is as an e-wallet.

All about Webmoney: Leading electronic payment processor in Russia
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WebMoney is one of the most popular e-wallets which is used for depositing and withdrawal of transactions. Businesses can also enjoy a range of opportunities on Webmoney. For example, companies can control & manage their funds, hire Webmoney as an online payment gateway on their online store, and so on.

To know all about this Russian payment processor, stay with us till the end of this article. 

What is webmoney and how does it work? 

Established in 1998 in Russia, Webmoney is one of the leading alternative payment methods in Eastern Europe. It offers wide opportunities to its clients, serving as a payment method, option for pay-in and pay-outs, and providing a separate range of features for businesses. As mentioned earlier, the most popular use of the system is an e-wallet. A Webomney wallet can be used to store, send, receive money and pay for online purchasing. Customers can fill their wallets via cash, bank wire, terminal, etc. They can also use WebMoney as a payment method on any website that supports it. The system has provided an app called the “Keeper” for Microsoft Windows, Android and iOS. Users can use the system’s services on their mobile phone using the Keeper app. 

Functions and use

WebMoney offers a range of services for both individuals and corporate clients. Individuals can deposit their Webmoney wallets via cash or bank wire and then withdraw it in the form of their desired currency. Merchants can also settle payments with their customers using the system. The way it works is that the user shops using their online store. Then the customer picks WebMoney as the preferred payment method. The customer can then fill in his/her account credentials and confirm the payment. This payment solution is very well-favored among users. Lots of online businesses and best payment providers offer this payment method.

Pros and cons of Webmoney

One of the major advantages of the Webmoney system is the high level of guaranteed security. Transactions can be performed from the wallet which is highly noted among Webmoney users. Plus, there comes a number of additional services besides all that was mentioned including making rents, paying for various services, buying a plane ticket and receiving a Webmoney loan. Users can report their technical issues by creating a webmoney ticket and receiving the answer via email or their Keeper app. It is worth mentioning that those who have the Webmoney Keeper app, will no longer need to use it through their browser. 

There comes a number of drawbacks for the system too. One of them is, Webmoney does not follow the rules stipulated on its website. That’s the reason many users complain about the unreasonable blocking of wallets and not even being informed about it. To add to that, there were a few reports by the users saying that the customer service had not responded to them quickly enough or the answer provided was not fully covering the issues in the request. There have also been problems with withdrawing funds from Webmoney, mentioned by a number of users. 

Webmoney fees

WebMoney charges a fee of 0.8% of the payment amount for every transaction, but not less than 0.01 WM, according to its website. However, using an online exchange service can sometimes minimize costs on foreign currency exchange for you. Nonetheless, with the wide number of options available in the market, it is sometimes challenging to choose the best Webmoney exchanger. If you weigh your options cautiously and choose your service wisely you’ll definitely receive the best rates and lowest fees for exchanging WMZ to PM USD, WMZ to USDT, WMZ to Payeer, WMZ to PayPal etc. 

Security of Webmoney

WebMoney Transfer technology is developed taking into consideration the security requirements to online information management systems. For that purpose it hires a security service to guarantee the security of its users. The service deals with IP address blocking as well as preventing any suspicious or raud activity from happening. The information verification is the key point in preventing cyber security attacks from happening. 

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