Web Money is a universal electronic system of on-line payments. Web Money payment system allows the registered participants, who have the unique user ID (WMID), to settle up payments between them in real time mode.
All accounting units of the system are denoted as WM-units, these designations are equal to different currencies, kept at the accounts of the appropriate types: WMR is rubles at R-account, WMZ is dollars at Z-account, etc.
The next software is used for the full work of the system:
- WM Keeper Classic is installed onto PC
- WM Keeper Mobile is the program for mobile device
- WM Keeper Light is a web-interface
Web Money history
The history of Web Money started when on November 24, 1998 a first transaction in Web Money Transfer system, made on the 20th of November, was announced in the press-release.
Today Web Money is one of the most popular payment systems not only in Russia, but in the CIS countries and Ukraine. The system is also acknowledged in the USA, Europe and United Arab Emirates. The number of registered users of Web Money had exceeded 6 millions by 2008.
Country. Legal space
Web Money is governed by the international legal system and is the cross-border payment system.
Web Money system works with the title units - WM-unit, provided with different assets and kept at the appropriate electronic wallets:
- WMR is equal to the RUB at the R-purse
- WME is equal to the EUR at the E-purse
- WMZ is equal to the USD at the Z-purse
- WMU is equal to the UAH at the U-purse
- WMY is equal to the UZS at the Y-purse
- WMB is equal to the BYR at the B-purse
- WMG is equal to one gram of Gold at the G-purse
- WMC and WMD are equal to WMZ for the credit operations at C and В-purse
All operations of Web Money system are carried out with the help of exchange offices. All types of transactions inside the system are available only between purses of one type.
With the help of Web Money Transfer the finance calculations between all system's users can be held, the services and goods can be bought via the Internet. The services of mobile communication, Internet providers and satellite TV can be also paid and replenished. The system participants have an opportunity to hold the instant and automatic exchanges of Web Money title units for the other electronic currencies, to execute finance operations via e-mail.
Registration in the system
In order to start work with the payment system it is necessary to complete the registration procedure at Web Money Transfer web-site, at that it is needed to enter the correct data about yourself, including full name and passport data. Afterwards it is necessary to activate the registration code sent to your e-mail and check the certainty of the specified telephone number. Only after this you will be able to download the distribution package of WM Keeper Classic from the developer's web-site and to install the program, following the instructions.
Software. Browsers and platforms
All users of Web Money have an opportunity to use the special software WM Keeper:
WM Keeper Classic is a separate platform, installed to the user's computer.
WM Keeper Light is a web-application which does not require the installation of the client's software to the user's computer.
WM Keeper Mobile (GSM Keeper, Telepat) is one more Web Money Keeper, which is easy to use. It is made in the form of web-site and is suitable for work at usual PC, as well as at any mobile device or pocket PC.
Anonymity of payments, privacy
In Web Money Transfer system the personalization of account is required, and anonymity of the transactions is at the discretion of user. All users of the system have an opportunity to receive the digital certificate, made on the basis of provided personal data. Such certificate is called as passport. Types of passports:
Alias passport - the passport, the data of which do not get verified.
Formal passport - the passport, including personal data, which will be verified only when user will not have the necessity to cash out WM-units. The Formal passport gives an opportunity to user of the system to apply to the service Banking Web Money Transfer, which allows to credit and withdraw assets via bank, postal money orders through the system of instant replenishment.
Initial passport - is issued to the participant, who has already received the formal passport after checking of the personal data. The owner of the initial passport has an opportunity to deposit and withdraw WMR through the system gateways with limits, significantly exceeding the limits for the owners of formal passports; to withdraw WMZ to the bank cards, received through the services cards.webmonwy.ru with limits exceeding limits for the owners of the formal passports with the lesser commission; to publish news at the blog of WebMoney.ru; to recover the control at the WM-identifier on the simplified scheme.
Personal passport - is a major passport in Web Money Transfer system. The personal passport is issued to participant of Web Money Transfer system, having the formal and initial passport after verification of the personal data by one of Registrars. The cost of one passport is from 5WMZ depending on chosen passport. The owner of personal data has an opportunity to participate in work of the credit exchange; to participate in work of Capitaller service; to request the registration of Internet resources in any sections of Megastock service; to receive the status of system's advisor; to participate in the verification center partner program.
Registrar passport - is the highest by status among passports in Web Money Transfer system. Registrar passport is issued to owner of personal passport only after personal meeting with the representative of verification center, "Agreement" conclusion with WM Transfer Ltd. system and made an indemnity payment in amount of 2000 WMZ. The owner of registrar passport can take part in work of arbitrage service as registrar.
Money replenishment in the system differs slightly from one another; it depends on the purse type and WM-unit.
WM-cards can be used for the replenishment at all accounts, except WMG and WMU.
For the following types of purses there are different ways of replenishment:
For WMR and WMU - ATM, terminals and dealers.
For WMZ - prepaid card cashU.
For WME - prepaid card or voucher all over the Europe.
For WMR - CONTACT and Unistream systems.
For WMR, WME, WMU - cash exchange for WM at one of exchange agencies.
For WMR, WMZ, WMU, WME the following ways of money withdrawal are used: bank wire, exchange of WM at one of exchange agencies, cash exchange of WM or e-currency at one of the www.exchanger.ru sections, exchange of WM for the e-currency of other systems.
There are also other possibilities to withdraw WM-units:
For WMR - the transfer to the cards of Russian banks, the payment of RUR is made through the system of money remittance, the exchange of WMR for the Russian rubles with the postal money order through WMR dealers.
For WMU - the transfer of UAH through the transfer systems such as Aval-Express and SOFT, and via WMU dealers.
Charges and commissions of the system
The commission inside the system is 0,8% from the amount of payment, but not less than 0,01 WM for every transaction. At that the maximum amount does not exceed 50 for WMZ and WME, 1500 for WMR, 250 for WMU, 100000 for WMB, 55000 for WMY and 2 for WMG. For the bargains which are settled between identical accounts, commission is not charged.
The system transfers from 0,01 WM, i.e. from one kopeck or from one cent.
The credit exchange works in the frameworks of Web Money Transfer, it gives an opportunity for participants to give or receive credits on-line, as well as debt service, which allows user to let on lease the assets at you accounts for other system's participants.
Deal's protection (two-phase payments)
Web Money Transfer system is realizing the two-phase payments and trust service. The trust service allows participants to deposit a pledge for the specially intended WM-account. Money taken for the mortgage can be paid back only if the deal was successful.
The payment in Web Money system can be also secured with the code or limit the time. In this case money is deposited to the account of payment's recipient, but they can be used only after the protection term is expired.
If the access code to the system was lost, you can try to recover the code independently, using the additional copy of the key. In the case the copy is lost and you can not recover the access, then you should complete the procedure, the algorithm of which depends on situation. The procedure of access recovery is paid.
Advantages and disadvantages
Advantages of the system:
- The high security level
- Arbitration system
- Trust service
- Two-phase payments
Disadvantages of the system are:
Very high requirements for the security settings
Complexity of the access recovery
System's interface requires adaptation