WebMoney (full name WebMoney Transfer) is a Russian online payment and settlement system founded in 1998 and operated by WM Transfer Ltd. Initially, WebMoney was designed to provide USD transfer services to Russian users, especially after the 1998 Russian financial crisis, when demand for US dollars in the country surged. Over time, WebMoney has evolved into a multi-currency, multi-functional electronic payment platform that is widely used in the field of e-commerce, online transactions and personal payments in Russia and other CIS countries.
Background and
HistoryWebMoney was founded in 1998 in Moscow, Russia, with the initial purpose of providing USD transfer services for Russian users. With the development of the Internet and the rise of e-commerce, WebMoney has gradually expanded its range of services to cover multiple currencies and payment methods. As of the beginning of 2020, there were more than 45 million registered WebMoney accounts, 300,000 active users per week, and about 100,000 merchants accepted WebMoney payments.
Regulation &
ComplianceWebMoney is not registered as an electronic payment system in Russia, as its "tender" is not legally considered an electronic currency. However, WebMoney works with financial institutions in several countries to provide payment services. For instance, in 2015, WebMoney Europe Ltd. received an e-money issuance license from the Financial Conduct Authority (FCA) in the United Kingdom to provide e-money services within the European Economic Area. However, on January 1, 2021, following Brexit, WebMoney terminated its agreement with all WebMoney Euro wallet holders. Wikipedia+2Wikipedia+2Wikipedia+2Wikipedia+2WikipediaIn
Ukraine, WebMoney was seized by the government in 2013 for allegedly violating foreign exchange management laws and freezing computer equipment. In 2018, the National Security and Defense Council of Ukraine added WebMoney to a sanctions list, banning its operations on the territory of Ukraine.
Products &
ServicesWebMoney provides many types of digital wallets, and users can choose different currency wallets according to their needs, such as WMZ (US dollar), WMR (Russian ruble), WMU (Ukrainian hryvnia), etc. These wallets can be used for storage, transfers, and payments.
WebMoney offers a variety of payment solutions for merchants, including online payment gateways, QR code payments, and POS terminals, among others. Merchants can receive payments from consumers through WebMoney.
WebMoney supports the exchange between multiple currencies, and users can convert between different currencies. In addition, WebMoney also offers cross-border payment services that allow users to make international transfers.
WebMoney provides an "Escrow" service to ensure the interests of both parties to the transaction. During the transaction, the funds are held in escrow in the WebMoney system and will not be released until the parties to the transaction fulfill the agreement.
Market Positioning &
StrategyWebMoney provides a wide range of payment and financial services to individual users and small and medium-sized enterprises in Russia and the CIS countries. The company meets the needs of users in e-commerce and online transactions by providing services such as multi-currency support, cross-border payments, and legal guarantees. However, WebMoney's expansion in international markets faces regulatory and compliance challenges.
As one of the leading online payment systems in Russia, WebMoney occupies an important position in e-commerce and online transactions in Russia and the CIS countries thanks to its multi-currency support and rich payment solutions. However, WebMoney's expansion in international markets faces regulatory and compliance challenges. Companies need to keep an eye on changes in the global financial regulatory environment and ensure compliant operations to maintain their market position.
For more information, please visit the WebMoney official website at https://www.webmoney.ru/
