What is "webmoney"

WebMoney Transfer commonly known as WebMoney is a global settlement system and environment for online business activities, established in 1998. The system claims to have more than 31 million users. Although WMT Originally targeted mainly at clients in Russia and the Former Soviet Union, it is now used worldwide. WebMoney Transfer Technology is based on providing all its users with interfaces that allow operating and controlling individual property rights for valuables (assets), stored at the specialized entities — the Guarantors.

The system enables Internet users to conduct safe transactions in real time using WebMoney units (WM-units). No bank account or credit card is required to open or operate a WebMoney account. More than 100 000 online shops and services accept WebMoney payments. WebMoney Transfer also provides online financial services, P2P payment solutions, internet based trading platforms, merchant services and online billing systems.

The owner and administrator of WebMoney Transfer system is WM Transfer Ltd. An unrelated Japanese company provides a prepaid cards service using the same name. The Japanese service only supports accounts denominated in yen.