WebMoney Payment System Overview and Features

WebMoney is a popular online payment system that has been around since 1998. It was founded by Dmitry Grachev and Maxim Nogotkov.

WebMoney allows users to make transactions in various currencies, including the US dollar, euro, and Russian ruble. This is made possible by its multi-currency system.

One of the key features of WebMoney is its use of digital wallets, which store users' funds securely. This allows for easy and convenient transactions.

WebMoney has a large user base, with over 30 million users worldwide. This includes individuals, businesses, and organizations.

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WebMoney account management is designed to be user-friendly and secure. You can easily manage your accounts online, 24/7, from anywhere in the world.

To create a new account, you'll need to provide some basic information, such as your name, email address, and password. This information is verified through a simple registration process.

Once your account is set up, you can easily manage your balances, transfer funds, and monitor your transactions. WebMoney's secure servers ensure that all your transactions are safe and protected.

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The sign-up process for managing your account is straightforward. You'll start by confirming your phone number via SMS-code payment confirmation.

To begin, you'll receive an SMS code, which you must input to proceed. This is a secure way to verify your identity.

Transaction security is a top priority, and WebMoney takes this very seriously. You'll be able to rest assured that your information is protected.

The SMS code will be sent to you, which you must input in the following step. This is an important part of the verification process.

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Logging into your WebMoney account is a straightforward process. Simply go to the WebMoney website.

To access your account, click on the "login" button. This will take you to a page where you can enter your credentials.

Enter your phone number or email address to begin the login process. This is the first step towards accessing your account.

Next, enter your password to authenticate your identity. Make sure to enter it correctly to avoid any issues.

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You'll also need to enter the number from the pictures, a security measure to ensure your account's safety. This adds an extra layer of protection.

Alternatively, you can scan your QR code to log in quickly and easily. This is a convenient option available on the login site.

Whether you choose to enter the number from the pictures or scan your QR code, you'll be ready to access your account in no time.

When you register in the WMT system, you'll receive a random 12-digit WM-identifier, known as a WMID. This is a unique code, like 123456789012, that's yours alone.

You can create multiple WM-wallets, each with its own unique identifier. The wallet number consists of a letter indicating its type and 12 digits, such as Z123456789012 for a Z-wallet.

The WMT service verification website allows you to find the WMID owner by wallet number, but not the other way around.

WebMoney offers a wide range of payment options, making it a convenient choice for users.

You can link your VISA/MasterCard bank cards, as well as electronic wallets in systems like Yandex.Den'gi, Qiwi, and EasyPay to your WebMoney account.

The system also supports Apple Pay, allowing you to top up your WebMoney account using this service.

In 2019, Sberbank Russia integrated with WebMoney, enabling instant transfers using just a phone number.

WebMoney has also been connected to the Bank of Russia's fast payment system, allowing users to send and receive money instantly.

As of 2020, WebMoney users in Russia can transfer rubles to 38 participating banks using just a phone number.

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A payment card is a type of card that allows you to make payments online or offline. It's a convenient way to use your electronic money without having to physically withdraw cash.

You can get a payment card from your bank, but a payment card from WebMoney is different because it's deeply integrated with the WebMoney system. This means you can make payments directly from your WebMoney purse without needing to link it to your bank account.

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One type of payment card is the virtual card, which has all the details you need to make payments, but it doesn't have a physical medium. This can be a good option if you want to keep your card details safe and secure.

Another option is a "tangible" payment card, such as Maestro and MasterCard for residents of the Russian Federation, or UnionPay, VISA and MasterCard holders for wallets WMZ and WME. These cards can be used in any store, and the money is deducted from your WebMoney purse, not your bank account.

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The WebMoney payment system offers a wide range of additional services that make it a versatile and convenient platform for managing your finances.

You can protect your account from unauthorized access through the Security service, which is designed to safeguard your account from potential threats.

The Assessment center is another important service that stores, validates, and issues certificates, ensuring the security and authenticity of transactions.

The E-num service provides an additional check on entry and confirms transactions, adding an extra layer of security to your financial operations.

The Banking service is responsible for interacting with banks, making it easier to manage your funds and conduct transactions.

The Paymer service allows you to work with WM-checks, providing a convenient way to manage your finances and make payments.

Here are some additional services that WebMoney offers:

You have several options to fund your WebMoney account, depending on your location and preferences. One way is to use a payment terminal, which can be found in most locations and allows you to enter your credentials and make a cash payment.

To fund your account, you can also call a bank branch and fill in a payment order, as long as the bank is a partner of WebMoney. Online banking is another option, which requires you to transfer money from your account with the same conditions as using a payment terminal.

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You can also use a point of remittances from one of the networks that work with WebMoney, which can be found on the official website of the system. Another option is to add a mobile account or use a scratch card, which is a prepaid card sold in many distribution points.

If you have a card from a bank that supports this operation, you can attach it to your WebMoney wallet, as well as electronic wallets in systems like Yandex.Den'gi, Qiwi, and EasyPay. However, some banks, like "Русский Стандарт" and "Открытие", have stopped cooperating with WebMoney.

Here are the common ways to recharge your account for most currencies:

You can use the WebMoney Payment System in a variety of online stores that accept it as a payment method. For example, in the Buysellvouchers online marketplace, you can buy and sell different types of e-products and goods with WebMoney.

WebMoney Keeper's Android app allows you to add bank accounts using your 3D-secure technology, making it easy to pay for services like the Internet, mobile communication, and online gaming.

More and more online stores are starting to accept WebMoney as a payment method, giving you even more flexibility when making purchases online.

You can also use your bank card or WM card to make a deposit, making it easy to get started with the WebMoney Payment System.

WebMoney employs a variety of security procedures to ensure that each user is safe. All transaction data is encrypted using 128-bit encryption to provide the best level of security.

Two-factor verification is also available on the mobile app, requiring users to enter a code received by SMS on their mobile devices in addition to their email and password.

VideoID, a new video identification technology, was launched in 2019. Users can utilize VideoID to verify their identification by exhibiting a national identity document on a smartphone or webcam.

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This form of verification is faster than going to a registrar or a WebMoney verification center.

WebMoney offers several security services, including:

WebMoney also provides additional opportunities for exchange and beneficial use of its funds, including:

WebMoney provides several methods of user authentication, including:

For WM Keeper WinPro and WM Keeper WebPro, there is also the option to block by IP, allowing the Keeper to only work with computers with IP addresses within a previously specified range.

Fees are a crucial aspect of using WebMoney, and it's essential to understand what you'll be charged for various transactions.

The good news is that there's no payment for receiving WM units, so you won't be charged for incoming transactions.

Transferring money from your WebMoney purse to your bank account incurs a 6% charge, which is a significant fee to consider.

The fee for sending WM units is 0.8% of the transaction amount, with a minimum charge of 0.01 WM, making it a relatively low-cost option for small transactions.

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However, the maximum charge for sending WM units varies depending on the purse you're using, with some limits set at 50 WMZ, 50 WME, or 9,000 WMK.

WebMoney also charges a commission for certain services, including WebMoney Processing, which ranges from 1.5% to 2.5% of the bank wire cost plus turnover.

Additionally, there's a 1% commission for WebMoney Settlements, with a maximum price of $1,000 USD/Euro, and a 0.1% commission for credit transactions with WMD wallet holders, but not less than 0.01 WMZ.

It's worth noting that some transactions, such as those between identical wallets with the same WM-identifier or between participants with an attestation of at least the initial level, are exempt from the commission fees.

WebMoney offers seamless integration with various systems and banks, allowing users to link their VISA/MasterCard cards, as well as electronic wallets in systems like Яндекс.Деньги, Qiwi, and EasyPay.

You can also use Apple Pay to top up your WebMoney wallet, a feature that became available in October 2016.

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The integration with Sberbank Russia's instant transfer system was announced in February 2019, enabling users to send and receive money using just a phone number.

WebMoney was also connected to the Bank of Russia's fast payment system (СБП) in January 2020, allowing users to send and receive money to and from 38 participating banks.

The system also offers automatic payment processing through Merchant WebMoney, which streamlines transactions for online sellers.

Capitaller, another service, provides collective management of wallets and funds for groups of users, with features like automatic budgeting and payment tracking.

Other automated services include Mass Payment for bulk transactions and WebMoney Mentor for task management and payment optimization.

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WebMoney has integrated with various systems to make transactions easier. The system allows users to link their VISA/MasterCard cards from supported banks, as well as electronic wallets from Yandex.Dengi, Qiwi, and EasyPay.

In the past, WebMoney was also linked to co-branded cards from Russian Standard and Open Bank, but this partnership was discontinued in 2014. This change was likely made to focus on more modern and efficient payment methods.

Users can now also top up their WebMoney wallets using Apple Pay, a service that was introduced in 2016. This feature is convenient for those who already use Apple Pay for other transactions.

In 2019, Sberbank Russia partnered with WebMoney to enable instant transfers using only a phone number. This integration made it easier for users to send and receive money.

In 2020, WebMoney was connected to the Bank of Russia's fast payment system (SPB), allowing users to send and receive money instantly to and from 38 participating banks. The calculation bank for WebMoney's ruble wallets was Bank KBK.

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Automatization is a game-changer for businesses and individuals alike. Merchant WebMoney offers automated payment processing for goods and services through its website.

With Capitaller, you can enjoy collective wallet management and automatic funds distribution among group members. This service integrates seamlessly with Shareholder, allowing for easy "budget automaton" management.

Mass Payment is a service that enables fast and efficient processing of large numbers of similar or periodic payments, including those to service providers like internet access, mobile phone, and TV services.

WebMoney Mentor is a platform for task organization, execution, and payment tracking. It allows clients to post tasks, specify executors and controllers, set task prices, and automate payment processing upon task completion and verification.

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WebMoney's legal status is a bit complex, but essentially, it's managed by WM Transfer Ltd, a company with a mysterious owner. The official website doesn't reveal the jurisdiction or ownership, but it's registered in Lithuania through a company called DEED BALTIC.

The system's technical support and software development are based in Russia, while the main certification center is located in Moscow. Interestingly, each type of wallet (WMZ, WME, WMK, WMG, and others) has its own guarantor, which is a registered company in a different country.

Here's a breakdown of the guarantors:

From a legal standpoint, WebMoney's certificates are considered financial assets, not electronic money, allowing for legitimate transactions and sales. However, this means that the system operates outside of bank regulations and the Federal law on the national payment system.

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WebMoney's legal status is complex, with various entities involved in its operation. The system is owned and administered by WM Transfer Ltd, but its jurisdiction and owners are not publicly disclosed.

The technical support and software development for WebMoney are located in Russia, with the main certification center also based in Moscow. This is an interesting aspect, as it highlights the global nature of the system.

The guarantors for each type of wallet (currency) are separate legal entities registered in different countries. Here's a breakdown of the guarantors for each type of wallet:

From a legal standpoint, WebMoney's e-wallets are considered financial assets, not e-money, in many jurisdictions. This is because they can be lawfully bought, sold, or transferred, but their transfer is not considered a monetary transaction.

WebMoney's operation in Russia is not subject to banking regulations or the Federal Law "On the National Payment System". Instead, it is regulated by laws related to the circulation of securities and other financial instruments.

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To obtain a certificate in WebMoney, you'll need to meet certain criteria. The type of certificate you can get depends on your status within the system.

If you're a merchant or engaged in trade and business, you can get a Merchant certificate. Similarly, if you're an organization that provides calculations within the system, you can get a Passport calculation machine certificate.

For individuals, the options are different. If you want to participate in the system of transactions, you can get a Passport Capitaller. If you're a specialist, you can get a Developer Certificate. If you want to engage in the registration of new members as your main activity, you can get a Registrar passport.

There are also certificates for services that cooperate with WebMoney, such as a Passport service certificate, and for owners of funds that provide capital for operations, such as a Certificate of GARANT.

To get a certificate, you'll need to go through the verification process. This involves selecting the Tools menu, going to the procedure for obtaining a certificate, downloading a copy of your passport, and waiting until it's inspected (typically takes a day or two).

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WebMoney is one of the most popular payment systems in the world, founded in 1998, and has already passed the test of time.

Its unique feature is that it doesn't seek to hold money, but rather titular characters - special units that represent ownership of certain assets.

The titular units are electronic analogs of world currencies, including the hryvnia, rubles, dollars, and euros, which can be freely converted in both directions.

You can enter real money into the system and bring it back out, making it a convenient option for international transactions.

The system has been around for over two decades, giving it a level of credibility and trustworthiness that's hard to match.

Its ability to handle multiple currencies makes it an attractive option for those who need to make international payments.

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You can transfer WebMoney to anyone, anytime, using the WEBMONEY TRANSFER System. This system allows you to receive WebMoney from other members, transfer any amount to another member, and even get information about your transaction history.

With the protected message exchange service in WEBMONEY KEEPER, you can harmonize the terms of a transaction in text format. This is a convenient feature that helps you communicate with other members.

To confirm your status as a holder of title units (WM), the authenticity of your WM is verified at the WEBMONEY Transactions Certification Center. This is an important step to ensure the security of the system.

Availability of authentic WM in your WEBMONEY KEEPER is the unconditional evidence of your right to the WM. This means you can trust that your WebMoney is secure and legitimate.

You can withdraw WebMoney from your wallet using various options, including bank cards, bank accounts, e-wallets, and other payment methods. To do this, go to the withdrawal page and select the WebMoney purse in the desired denomination.

Here are the available WebMoney withdrawal options:

You can also use an exchange office to quickly and easily convert your WebMoney to another currency or payment system. This option may have a slightly higher commission, but it's often the most convenient way to make an exchange.

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