||This article appears to be written like an advertisement. (May 2013)|
|Type||Online payment solution|
|Parent||WebMoney Transfer ltd|
|Website||WebMoney official site|
WebMoney (WebMoney Transfer) is the global settlement system and environment for online business activities, established in 1998. The system claims to have more than 21 million users., WMT Originally targeted mainly at Russian clients, it is now used worldwide.
WebMoney Transfer Technology is based on providing all its users with interfaces that allow operating and controlling individual property rights for valuables (assets), stored at the specialized entities — the Guarantors.
The system enables Internet users to conduct safe transactions in real time using WebMoney units (WM-units). No bank account or credit card is required to open or operate a WebMoney account.
Dozens of thousands online shops and services accept WebMoney payments
WebMoney Transfer also provides online financial services, P2P payment solutions, internet based trading platforms, merchant services and online billing systems.
The owner and administrator of WebMoney Transfer system is WM Transfer Ltd.
An unrelated Japanese company provides a prepaid cards service using the same name. The Japanese service only supports accounts denominated in yen.
Guarantors (underwriters) — participants of the System located in various jurisdictions and store valuables of various legal nature. Specific features of transactions with proprietary rights for values stored by each Guarantor, as well as their measurement units and the Guarantor’s obligations to exchange those proprietary rights with the currency of the country of its registration, are set out in the Agreements adopted respectively by every member of the System in the course of registering a ‘Purse’, which serves as the accounting attribute of the proprietary rights.
The System supports several types of Purses, that keep record of valuables property rights of corresponding types:
- Z-Purse WMZ — Goods certificate, in USD
- E-Purse WME — Bearer's bank cheque in EUR
- X-purse WMX — Stored property rights to publish entries in the distributed database of the bitcoin.org network.
- R-Purse WMR — Bearer's bank cheque in Russian Rubles
- U-Purse WMU — Bank account claims in UAH
- B-Purse WMB — Electronic Belorussian Roubles
- G-Purse WMG — Warehouse receipt for stock Gold in a certified storage area
- V-Check WMV — Prepaid transfer in Vietnamese Dongs
The units of measurement of the valuables' property rights stored by the guarantor are WebMoney Title Units (WM) of the corresponding type.
Signing up and receiving WebMoney (WM units) from other users is free; sending WM units to other accounts incurs a fee of 0.8%.
Funding and withdrawal 
Funds can be deposited to WebMoney accounts by money order, wire transfer, by conversion from other electronic currencies, using exchange offices and cash-in points. It is also possible to purchase WM prepaid cards in order to fund a purse.
The funding and withdrawal points are located in 86 counties of the world.
WebMoney transactions do not require a credit card or bank account, are final, and cannot be retracted. This is similar to Bitcoin, e-gold and cash and in contrast to credit card and PayPal transactions.
WebMoney Transfer offers a list of security settings for users to protect their accounts.
- WebMoney isn't integrated into an international financial system. It doesn't accept Western Union or Paypal transfers. There are some third parties offering such services for commission fees.
- The routine need to use third parties for many operations with WebMoney raises the question of trust and the possibility of fraud.