WebMoney is a well known and popular online digital currency. WebMoney enables worldwide users to conduct secure online transactions in real time. The transactions are not reversible so there is no chargeback risk to merchants. The company has well over a million users at this time.
It is free to set up as many accounts as you like. Simply download their free software package and you can begin creating accounts and transacting business in WebMoney. The WM software and the web sites are available in both English and Russian. Online currency units are also available in Russian Roubles and USD. No ID is required to open an account.
If you take a close look at WebMoney, this currency provides a very useful online financial service for a large population of users who may not have bank accounts or credit cards. Using WebMoney these people are able to easily and locally convert cash into digital currency then pay bills online, shop or transfer funds to others worldwide at an extremely low fee. No bank account verification or transfers and no credit rating is required, just a quick cash conversion to digital currency.
WebMoney is a digital currency solution which, because of its users, heavily focuses on a particular geographic region. The retail services offers by the currency vendors are filling a great need. A similar situation can now be found in the United States as financial institutions scramble to create products for the massive population of Spanish speaking unbankable immigrants from Mexico, Centeral and South America. The SiGo MasterCard is a great example. There is a recent article in the NYTimes that further explains this point. Because the demand exists for a cash to digital exchange, companies in the US are now seeing this as a great opportunity to expand their client base. Financial companies are creating products like prepaid Mastercards and catering to non English speaking customers.
WebMoney Transfer has a verification system which any account holder can use. This system asks that the user provide basic identification and information about himself. That user is then ‘verified’ and known to other users. PayPal has a very similar policy, however, WebMoney does not require a user to become verified. A WebMoney account can be used instantly after opening. Each user has a WebMoney passport. This passport is a digital certificate based on personal data provided by a WebMoney member.
WebMoney is sold through an independent network of agents mainly located in Russia and the Ukraine. However, there are WebMoney agents to facilitate a currency exchange in over 2500 cities in 40 countries around the world including the US & Canada. Much like e-gold, these agents maintain a digital inventory of WebMoney which they can exchange to retail clients for cash, bank wires, Western Union and a long list of assorted other payment methods. Agents can set their own fees for each transaction and anyone can become an agent.
One of the most convenient features of WebMoney is the prepaid WM card. WebMoney is available on a prepaid card. Users can purchase these cards locally using cash, take them home and fund their account instantly. A network of vending machines in Russia also distributes these cards making WebMoney even more available and easy to purchase.
The important information to know about WebMoney is that the digital currency is very integrated into the everyday physical brick and mortar business, in that part of the world. Thanks to businesses like
ROBOXchange, you can pay everyday bills and buy important items using WebMoney. Person’s living in Russia, Ukraine and the surrounding areas can pay their local phone bills, cell phone bills, digital TV bill, local Internet service provider and even purchase virtual gaming currency using WebMoney. The digital currency is integrated into local daily life due to the wide use of cash and lack of adequate banking or credit facilities.
Services such as ROBOX Cash Register, which is similar to Gold-Cart, are the equivaltant to a digital currency merchant account. These services allow an online seller’s web site to accept a variety of digital currency types from the customer at checkout and then automatically converts their payment into one currency which the seller has previously requested. Just like a merchant accepting Visa, Mastercard, Amex, Discover, online checks, ACH, etc. and settlement is then made to the merchant – ROBOX Cash Register accepts over two dozen different currency types (mostly local to that region).
WebMoney is also easily converted into other digital currencies including e-gold, Pecunix, e-Bullion, Yandex, imoney, MoneyMail, INOCard, RuPay, InterBill RUR & UkrMoney (mostly local Russian money). The point here being….if you have Webmoney and you need to pay an online bill in another digital currency, there are many agents who will exchange your WM for the currency of your choice. The value of using WebMoney extends way beyond their network of WM retailers. As a digital currency, WebMoney can be easily converted into another digital currency anytime. This is simply not possible with PayPal or everyday online banking. There is an extensive network of reliable web sites that will even automatically convert WebMoney into another digital currency for a small fee. The transaction is instant and a majority of these webs are fully automated. It is a very convenient service.