WebMoney Introduction & Review
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webmoneyBorn of an idea first floated when a new wave of internet companies were coming online in the late 1990’s, Webmoney has outlasted most of its competitors by focusing on its core services and providing the best service possible to support it. Although it has faced some challenges this year in Belarus, the overall subscriber base continues to grow.

Not Your Typical Provider:

In some ways, Webmoney is a little more like Bitcoin than it is a Visa Gateway for transactions. The concept behind Webmoney is that you will add either Webmoney or traditional cash to a purse that is tied to one of 7 or 8 different currencies. The value of the Webmoney in your purse, will therefore go up and down with the currency that you have pegged it to. You can typically use the purse to make online purchases at sites that accept Webmoney. As of 2015, many major shopping venues online have integrated Webmoney.

Another feature of the gateway is that it has been designed to allow for anonymity. Anonymity is a great selling point for many people and Webmoney has proved to be very popular over the past decade. In some markets, however, the ability to offer anonymity is coming to an end. In Belarus, for example, the state decided that allowing the sending of money completely anonymously was running counter to their goals for stopping drug dealers from using online venues. So they required people using Webmoney to be logged in for each transaction so that the people that are logged in can be tied to their transactions by their user name. Needless to say the base of customers that are using the Belarus currency purse type has dropped over the past few months while the rest of the Webmoney system continues to grow.

What is in Webmoney for Customers:

If you are a customer that has roots in Europe or Russia, Webmoney is a pretty good option because they provide a lot of relationships with local businesses that accept their money. It is even said that many Russian restaurants allow you to use Webmoney for ordering takeout food. On the other hand, Webmoney split their purses into several different currencies and located them near the financial headquarters of each currency to allow each type of purse to grow the number of people that were using it. It is therefore true that if you have your money in a Webmoney purse that is denominated in American Dollars, you might be able to find food and a similar basket of goods online.

Webmoney currently offers purses in American Dollars, European Euros, Russian Rubles, Kazakh, Belarus, and Ukrainian currencies, gold, and Bitcoins.

Another positive thing about Webmoney for customers is the anonymity that it provides. Not everyone who wants anonymity is trying to hide something. In fact, the majority of the people that are seeking anonymity are actually people that would like to avoid having parties that they don’t know build an intricate history of their financial transactions to use for criminal purposes. So having a provider that allows you to send the money without divulging details is a good fit for many customers.

Webmoney also takes the time to offer side products that expand their core services as a payment gateway. Of course they offer pre-paid cards that are accepted in bricks and mortar stores- and certainly, you can tie an existing visa card to your Webmoney purse so that you can use your account balance by converting it. Yet, they also offer people opportunities that are not tied into other payment gateways:

Publication of Your Book: If you have a book that you would like to publish and use Webmoney as either a crowdfunding or a payment site that allows people to offer you what you are asking for it, you can.

Crowdfunding: Crowdfunding was very popular a couple of years ago and it still generates a lot of income for people that have solid ideas. It is not normally built into your account at your Paypal or Visa Payment Gateway provider. Having it there for clients actually makes it quite convenient to launch a campaign without have to reinvent the wheel on the internet software side.

Getting a Loan: There are payment gateways and their are personal business credit providers that offer to give you a line of credit whenever you need one. They aren’t normally part of the same business, yet Webmoney has managed to show that it does make sense and there is a strong demand for an occasional loan from people who back the purses that are available in each currency.

Overall, as a customer, Webmoney provides you with a lot of options that aren’t available from other payment gateways. As a business, it makes sense to work with a gateway that is popular with customers- and the anonymity features make it so that your own website becomes safer by not having to store your customers’ financial information.