Considering the fact that we do most of our daily tasks on the internet, making online transactions everyday would be something normal. There are many online payment systems, however, you are probably unfamiliar with WebMoney. In this tutorial, I will explain all you need to know about this online payment system.
What is WebMoney?
WebMoney is a payment processor that has been active since 1998 in Moscow, Russia. This system works like an online bank for people who want to make online payments.
Like PayPal, this payment system is also a trusted payment processor that users use for various purposes. Through this system, you can send money, receive, buy, or do anything else related to e-money payments.
In the business world, people need to do different transactions at different times. Since we are in the digital age, there are a lot of businesses that work online. WebMoney also plays a role in doing business transactions for individuals and businesses effectively.
According to WebMoney, the system has more than 36 million users and accepts more than 100,000 payments. This payment system is one of the largest e-payment processors in Russia. This trading platform is managed by WM Transfer Ltd.
The fee on this system is at a rate of 0.8% of the transaction amount, with a maximum fee of 50 euros.
WebMoney wallets and supported currencies
To help users perform various tasks and provide for their online needs, WebMoney has defined distinct Purse for every currency.
You can create each of these 10 different wallets from within the WebMoney account. You can create any other wallet based on your online trading needs. The system currently supports a variety of wallets that include ownership of various types of assets:
Z-Purse : Dollar (WMZ)
E-Purse : Euro (WME)
R-Purse : Russian Ruble (WMR)
U-Purse : Ukrainian Hryvnia (WMU)
B-Purse : Belarusian Ruble (WMB)
G-Purse : Gold (WMG)
X-Purse : Bitcoin (WMX)
H-Purse : Bitcoin Cash (WMH)
L-Purse : Litecoin (WML)
V-Purse : Vietnamese Dong (WMV)
Is WebMoney secure?
This is a very important question that arises before referring to any trading platform. You let a financial institution access your money, which means you are always in danger.
WebMoney is not managed by a single system like other institutions. In fact, there is a separate company for each wallet, called “the guarantor”. You can see their addresses on the official website.
WebMoney provides various levels of security to protect your accounts and funds on the platform, the first and most useful of which is through sending a text message. This means as long as you have your mobile phone number, you are safe .For example, if you encounter any undesired situation, you can restore your account with verification questions that only you yourself know. These security layers have made WebMoney a safe option for online payments.
The interesting point about processing transactions in this financial system is that all work is not done by a single center, and depending on the type of wallet, there are separate companies that are engaged and are called the Guarantor. You can see the addresses of each of these sponsors on its official website.
Using the services of this payment system is possible with some types of authentication methods, including confirmation by text message. In this sense, you need to have a mobile phone number that you have registered in your user panel to access your account.
At any stage, if you encounter a problem accessing your account, you can retrieve access to your account by answering security questions.
How does WebMoney work?
Transactions in this system are done at a high speed, secure, cheap, non-identifiable and, of course, irreversible manner. You do not need a bank account or a credit card to use this service.
The most important feature of this system is its high security. When using WebMoney software installed on Windows to create an account, the user will be provided with a file containing the account key. the user will need the key to access the account. Also, the user can restrict access to one or more IPs in his or her account settings in order to prevent others from accessing their accounts.
To use WebMoney, the user must first install the WebMoney Keeper software from the official website or log in to their account via the website online. A WebMoney ID or WMID is assigned to every account.
Each user in this system has an E-Passport or WM-Passport. According to the information provided at the time of creating the account, users will be offered a variety of electronic certificates. If the user does not enter his personal details, the Alias WM-Passport will be given. A Formal WM-Passport will be given if the user enters his/her profile information. At the time of opening an account, the user can enter his profile information and receive a Formal WM-Passport.
How to upgrade your WebMoney Passport?
Although the normal use of this financial system does not require any specific confirmation, but in order to increase the number of your transactions, you must send your documents to this system in order for your account to be authenticated or verified. Your passport level is determined by the level of information you provide to WebMoney.
- Alias Passport – When you create an account, your passport is Alias; it means that you have provided none of information required on your profile.
- Formal Passport – If you submit your information to your profile, your passport will change to Formal. Of course, this type of passport still has a low level, given that your information is not verified.
- Personal Passport – This means that you have not only verified your account on the website, but you have also verified them in person by referring to the Russian Embassy.
Upgrading the passport level is essential for users whose workload exceeds a certain amount. The maximum allowed daily, weekly, and monthly transactions for all types of passports are as follows.
What is WebMoney used for?
There is no limit in using WebMoney as a method of payment, but as there a limited number of stores tht accept WebMoney as a method of payment, this payment system is less acceptable than other payment methods such as PayPal. However, you can use any website or store that supports WebMoney as a payment method, some of which are as follows.
Aliexpress.com – Ali Express online store is a direct way to buy from Chinese vendors, which has gained much popularity by offering discounts and selling items that are difficult to find in other stores.
Tinydeal.com – A website similar to Aliexpress.
Resello – This site is famous for hosting services and domain services.
Freelancer.com – If you are a freelancer or you want to do a project for specialist people, you can apply through this website.
UralAirLines – If you plan to travel with this company, you can easily make payments with WebMoney. The company has flights to many parts of the world.
Iglobe.ru – Through this website you can access travel and tourism services around the world.