With the advent of cryptocurrencies, mobile wallets and contactless payments, Fintech came into its own in the 2010s. So what will the 2020s bring? Read on for our predictions.
Wednesday, February 19th, 2020, 12:41:48 PM
Through the years, the ewallet market has gotten more and more competitive with many established companies trying to lure you into registering and using their payment service. That’s why, at times, it can be really difficult to simply choose the one that suits you best. Obviously, you could go for the most popular ones like PayPal or Skrill, or you could go for something different, but definitely with as much nline experience and coverage as the top ewallets.
WebMoney is such a service that can compete with the likes of PayPal or Skrill, at any time & in many places around the world. While it started as a Russian online payment solution in November 1998, during the last decade, the company has expanded its services to other markets like the EU or the US, 100% legitimately as you will read in our honest WebMoney review below.
WebMoney indeed has over 20 years of experience online, going back to the Russian financial crisis in 1998 that devalued the Russian Ruble significantly. As the need for a safe haven like the US Dollar in Russia increased, so did WebMoney’s business.
Soon enough, because of the company’s flawless reputation, users outside Russia demanded to have access to the payment solution, too. The merchants and yes, many online casino operators followed and included WebMoney as one of their default payment options. As a result, the Russian company had to change its business approach to fit the international needs.
WebMoney is now a conglomerate of companies with headquarters all around the world. In the US, for example, Amstar Holdings Limited represents WebMoney and guarantees the US Dollar assets commonly known as wmz. In Europe, WebMoney Europe Ltd. guarantees the EUR assets known as wme. In Russia, SANTIKA BUSINESS GROUP INC guarantees the Ruble title units known as wmr.
All companies are regulated in their respected jurisdictions so you don’t have to worry about any legal complications that may appear with the unregulated ewallets.
To understand how WebMoney works, you must first familiarize with the term WebMoney Transfer, which is the platform’s universal payment settlement system. Every user registering on the platform is assigned a ‘purse’ - storage where his or her funds are being kept safe. Since different companies keep the customers’ funds safe, depending on the country, there are different kinds of ‘purses’ - R-purse (WMR) for Russians, E-purse for Europeans (WME), or Z-purse for the US players (WMZ).
All these purses are stored and managed in different segments of the platform known as ‘keepers’. For example, the most common and widely-used WebMoney keeper is Keeper Standard (Mini) accessible on all devices (desktop and mobile), fast and ready to use right after registration. There is also Keeper Mobile loved by mobile users and available on a great variety of mobile devices, Android & iOS. Keeper WebPro (Light) offers some additional features, while Keeper WinPro (Classic) is suitable for the more experienced users who use Windows OS.
In spite of the complexity behind the scene, WebMoney registration is quite simple and user-friendly. All you have to do is access the registration page here, fill in the required fields in the form and you’re all set. You’ll need to type in your phone number to receive an SMS with the confirmation code and also for an extra layer of security (SMS code payment confirmation). After you complete the form concerning your personal information, you will be asked to choose a password and confirm your e-mail.
At the first login, you will be redirected to your WebMoney Keeper Standard and you will be able to use the payment service right off the bat, no questions asked. There will be some limitations, that’s while you’ll need to apply for a personal passport in order to enjoy the full benefits of the WebMoney service. Watch this video for a step-by-step guide on how to obtain your very own passport.
Depending on your location, you can add funds to your WebMoney account using a credit/debit card, via a direct bank transfer, or some other options available near you. If you live in Russia or you are a Commonwealth of Independent States (CIS) citizen, you can also add funds using cash-in terminals like TelCell, Netto Processing, QIWI, or ExpressPay.
With your WebMoney funds in your digital wallet, you can now pay for a variety of goods & services online by just visiting the merchants’ online stores that accept WebMoney.
To withdraw your WebMoney funds to real, physical cash, just go to your ewallet and choose from the many options the platform offers you, including bank transfer, credit/debit card, or money transfer via services like Western Union.
It would be wise to also check the Financial Restriction page and see your account limitations, before adding or withdrawing any WebMoney funds.
You probably already know WebMoney is not only used in the retail business. Indeed, the online casino niche has also learned about this neat payment service a long time ago and almost all respectable online casinos accept both deposits & withdrawals via WebMoney.
It doesn’t matter if you live in Russia, Europe, or other part of the World; the possibilities are endless for you in terms of choosing the right gambling platform that accepts WebMoney. The question isn’t about which casino sites accept WebMoney, but how many and what you are going to do about it.
Depositing with WebMoney is ultra-fast and easy. Plus, you won’t have to give away any extra sensitive information. Just click the Deposit button on your favorite casino platform, choose WebMoney as the payment method, enter your login credentials, and get ready to feel the adrenaline rush. In a couple of seconds, the WebMoney funds will be transferred to your online casino account, ready to give you the chance of a lifetime.
If you capitalized on that chance and won big, you don’t have to worry: the withdrawal process is even easier than the initial deposit. Just click the magic Withdraw/Cash out button, choose WebMoney, and your winnings are on the way. It can take up to two business days to reach your ewallet, but we think the wait is more than worth it.
For extra information about WebMoney feel free to check our FAQ & Answers section below.
Like we’ve mentioned at the beginning of our honest review, WebMoney is a top-notch international business model, regulated by the financial authorities all around the world. You are in no danger of getting scammed by such a prestigious and established company, yet there is a risk of hackers trying to compromise your end aka your browser, operating system & device. Be sure to check WebMoney’s Security page & use the ewallet properly for extra comfort.
Yes, there is, but you have to apply for and receive a Formal Passport, before ordering the WebMoney card. Just be sure you access this page here, choose your card based on your location, wait for it to hit your mailbox, and activate it using your account. Worth mentioning the issuance plastic card fee is 12 USD.
Of course, you can. Since you are in the US, you will be eligible for a Z-type ‘Purse’ guaranteed by Amstar Holdings Limited, part of the WebMoney global network. (Note: While Webmoney is available for residents of the United States, it cannot be used for online gambling)
There is no direct or official way to exchange WebMoney funds for PayPal USD, but you can use one of the many e-money exchangers on the web. Just be sure to double check for user reviews and read about the user experience with the exchanger. These platforms still operate in a grey area, so it’s better to be safe first than sorry.
Interestingly enough, WebMoney has an exchange, besides the usual ewallet-like platform. Not long ago, the company has entered the cryptocurrency market and you can now use the official exchange to buy Bitcoin with your WebMoney funds. Check this page for more information.
You don’t have to live in Russia to think about creating and using a WebMoney account, anymore. WebMoney is now global and as CEO Avet Mnatsakanyan said in an interview, the company doesn’t offer just an ewallet to its customers, but a whole reliable environment for doing business online.
No merchant and definitely no established online casino is out of reach with WebMoney, that is why we recommend trying out the service as an alternative to the big Western companies like PayPal and Skrill.