Category : e-Currency Exchange
Making online payments is quite normal activity for every internet user these days. Even after in existence since 1998, Webmoney (or Webmoney transfer) is still an alien payment processor for many. So we thought to give our readers a simple and concise overview of this reliable and one of the most widely used payment processors.
What is Webmoney?
Webmoney is a payment processor that is active since 1998 having it’s headquarter in Moscow, Russia. It acts like an online bank for people to settle their payments easily online.
Like PayPal, Webmoney is another reliable payment processor people use for various purposes. I mean, you may send money, receive funds, make purchases and do many other things that involve electronic money or otherwise.
In business world, people need to make various transactions over time. Since it is a digital age, there’s a huge number of businesses that are online. Webmoney plays its role in performing these business transactions effectively for these businesses or individuals.
How Does it Work?
The mechanism of Webmoney is simple and not any rocket science so sit back and relax. It offers different service to cater different needs of each user. I mean, there are different purses that one may use. These purses are standardised for each currency as per user’s need.
You simply register an account at www.wmtransfer.com and then create the relevant purse to make transactions in your desired currency. For USD you may create WMZ purse, WME for Euro, WMB for Belarusian Ruble and WMG for gold stocks. (don’t worry, purses are covered underneath separately)
You get a unique WMID that you may give to anyone for transaction purposes. In the same way, you need this unique WMID to send funds in another WM account.
You may simply get your money through wire transfer. But the only downside here is that WM doesn’t support bank wire option for some countries. but no worries, as you may exchange your WMZ currency with a reliable exchanger like PayExchanger.
Exchange WebMoney to Skrill
What Are Purses?
To help users make different operations and cater their online needs, Webmoney has standardised purses for each currency or monetary instruments.
One can choose from 8 different purses to create from inside the WM account. If you want to deal in USD then you may use Z-Purse or WMZ, WME for Euros and WMB for Belarusian Ruble.
You may create any other purse type based on your needs for online transactions.
Is Webmoney Safe?
This question is very important before you go for any payment processor. You’re putting your money that means you’re taking risk so your question is valid. And to answer your concern, let’s look at it in another way.
This payment processor is not handled by a single body like other payment processors are. I mean, for each purse, there’s a separate company working for it called ‘Guarantor’. You may get their addresses on WM’s website.
Secondly, they have different levels to secure your account and funds you have in it. The first and very useful level is SMS verification. That means you’re safe as long as you have your mobile number with you which is on their file.
And, for instance, if you face any unfavorable situation then you still get back your account by the verification question that only you know. This makes WM a safe processor to rely on for online payment processing.
(NOTE: It is still better to take safety measurements at your end.)