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WebMoney Casinos

WebMoney established in 1998, in Belize, Central America, is an electronic money and online payment system, operated by WM Transfer Ltd. With online transactions becoming widespread, payments are now made through electronic money which is also known as digital money. Though WebMoney was initially catering to the Russians, it is now used by 5 million clients worldwide. WebMoney as an online payment system is similar to Paypal, E-Gold, Pecunix, E-Bullion. Though administration is based in Belize, technical support is in Moscow. Though WebMoney's major operations are in Russia and CIS, it also operates in USA, Netherlands, Germany, Spain, Japan, Greece, Israel, France and UAE. Its transactions are underwritten by WMR LLC in Moscow. 

How WebMoney works

For availing the use of WebMoney, every user has to first download a Client Interface. After that he can register, subject to verification of the account.  On acceptance, he/she is issued a WM passport, which is an online document containing verified personal data of the account holder. Every WM users online transactions are evaluated and points allocated, based on the feedback of other users. Those who get high points are given Business Level status, and may be considered as a Confidence Index which is displayed near the WMID. WebMoney caters to various types of e-currency, and each currency has an electronic wallet called a purse which is as follows:

• WMR - (R-Purse) for the Russian rouble
• WMZ - (Z-Purse) for the US dollar
• WMB - (B-Purse) for the Belorussian rouble

Transfer of funds however can be between currencies of the same kind only. If it involves other currencies, it can be carried out using exchange services only. A fee of 0.8% is levied for sending money (through what is known as "WM units") to other accounts.

WebMoney Advantages

Safety is one of the greatest advantages here, because WebMoney transactions cannot be retracted and are final. There is no need to have a credit card or a bank account. Safety is incorporated at the registration stage itself, because it involves double verification. Apart from e-mail the users are urged to confirm using a text message from their mobile phone. In case the account holder loses control over his ID, he/she can make use of the private key to retrieve it.

Payments are protected through a password. In addition to this, WebMoney has other advantages as well. Distance is not a limiting factor and it is open to everyone who are allowed to operate their WebMoney  purse through a mobile phone. It is also a fast and anonymous payment system with immediate online payment. WebMoney transfers can be suitably integrated into any online or website and complaints can be settled through an arbitration system.

Conclusion

WebMoney when compared to other forms of online money transfer like Paypal has a number of features which suits the requirement of individuals and organizations tailor-made to their requirements. Its inbuilt security features and speed of operations account for its growing popularity. With e-commerce and other online activities on the increase, services like WebMoney are here to stay.