WebMoney

WebMoney is an electronic currency system operated by WM Transfer Ltd. WebMoney is an electronic money and online payment system with similarity to Paypal, E-Gold, Pecunix, E-Bullion and other E-Currency services. It provides a fast and somewhat anonymous payment system however the registration process requires email verification and account holders are encouraged to verify themselves further through sending an SMS message from their cellphone; making it more strict than E-Gold for opening and using an account. WM verification gives the following advantages: private key file retrieval if you have lost control over your WMID; complaint to the Arbitration service; credit activities; access to online services, Internet exchanges, and information resources requiring personal client identification. Verified users can issue trust certificates to other users and take fees for the service. Any user can become a verified Register. Verified Registers can verify other WebMoney users. There are several e-currencies circulating in this system, with the most popular being - WMZ (equals to $1 U.S.), WME (equals 1 euro) and WMR (equals 1 Russian ruble).

Transactions are conducted through the WMTransfer software which comes in three distinct flavours:

• WM Keeper Classic - A standalone application that is downloaded and then installed onto your PC.
• WM Keeper Light — A secure browser based application that does not require installation of client software onto a user’s PC.
• Telepat — A technology enabling the operation of an account via any mobile device or cell phone, that supports Java.

Other methods are available but are rarely used. WebMoney can boast more than 100 million dollars daily turnaround funds and millions of customers around the world. Though WebMoney started as a Russian payment system, it has now become an internationally popular e-currency system with a large number of representatives all over the world and within the developed deposit/withdrawal system.

WebMoney is a highly secure online payment system, offering security through special protected key-files - even if your password is hacked your funds are still secure. While generic WebMoney accounts are anonymous, money withdrawal transactions involve personal identification. WebMoney transactions are inherently safe because they do not require credit card or bank account information to be stored in the system unlike Paypal, which is well known for its problems with phishing schemes. WebMoney makes online businesses immune to certain scams because transactions are final and cannot be repudiated by the spender which is similar to e-gold or cash transactions but unlike credit card transactions and PayPal which can incur chargebacks. This makes WebMoney far more secured than any other online payment system.

WebMoney incorporates an instant messaging system as well as a way to send out bills and to extend credit. It is also possible to protect a payment with a password. The payment is withdrawn from the payer’s account and added to the payee’s account, but cannot be redeemed unless the password is known. The payer will typically provide the password once the promised goods have been delivered. Some operations require a higher level of user authentication known as a “WM Passport” which a user can obtain from authorised parties.

It is not possible to buy WM units online with a credit card or a Paypal account. A Webmoney purse can be funded by a bank wire, by receiving funds from other account holders, by issuing invoices, by a prepaid WM-Card or through a E-Currency exchanger.