If you’re looking to transfer money online, there are dozens of options offering fast, effective payments. WebMoney is one of the industry’s top service providers and a trusted payment method at many online casinos.
WebMoney started in 1998 in Russia, amidst the economic crisis affecting the country. The system was a method of transferring dollars for payments as the locals saw the ruble’s value plunged daily. As a result of the rapidly depreciating currency, WebMoney filled that gap, providing a way for merchants to facilitate trade and for Russians to send money worldwide.
In November 2015, the company founded WebMoney Europe Ltd, with offices based in Cambridge, UK. This branch of the company received an FCA license to operate in the European Economic Area as an e-money service.
In 2015, WebMoney launched its crowdfunding platform, “WebMoney Funding,” providing crowdfunded financing on projects under the principle of group purchasing, voluntary donations, and event planning.
The WebMoney Transfer platform was one of the first to offer the QR code payments solutions that’s now popular at restaurants and retail stores. Customers scan the retailer’s QR code at point-of-sale, and the QR code confirms an automatic payment directly to the retailer from your nominated account.
Another interesting WebMoney success story was implementing its QR coding payments system in Russia at Burger King Franchises. In 2019, Sberbank stated WebMoney joined its network for instant transfers, providing clients with the option of making instant payments directly from their Sberbank credit or debit cards to WebMoney e-wallets.
The company links the person’s phone number to transaction requests, requiring a confirmation request to process the payment. WebMoney is gaining traction as a popular global payments system. This e-wallet service is starting to add competition to companies like PayPal and Stripe.
WebMoney has more than 30-million customers globally, with more than 100,000 vendors and merchants accepting WebMoney as a valid form of payment. The WebMoney platform is available for desktops, laptops, and mobile devices, with a dedicated Android and iOS app available for the relevant app stores for free download.
There are so many uses for a WebMoney e-Wallet. This convenient payment service can help you send deposits to your favorite online gaming platform, with all transactions showing up instantly in your account for immediate gameplay and no wasted time.
WebMoney offers competitive rates and transaction fees, making it one of the more popular payment e-wallets online.
WebMoney’s biggest market is in Russia. Asia and Europe are also prime markets for WebMoney. The company has aspirations of moving into the American market in the hope of competing with other top e-wallet services for the best service provider globally.
There are plenty of online casinos working with WebMoney for deposits and withdrawals, and several advantages of opening an e-wallet with the company.
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What are the Advantages of Using WebMoney?
Choosing WebMoney as your preferred-wallet service provider has several advantages.
- You get a free account
- The web app has a user-friendly interface
- There are no charges on receiving money
- Rapid transaction times on smaller amounts
- You can link your credit and debit cards to your WebMoney e-wallet
- Military-grade encryption on all transactions
- A fast adoption rate in online casinos and vendors worldwide
- Low transaction fees
- Support for multiple currencies, including USD, GBP, Yen, and Euro
- Supports cryptocurrency transfers
WebMoney is a business-friendly online e-wallet solution, and it largely focuses on the B2B market. There is plenty of support on the site for merchants and resources to help merchants understand how to implement the WebMoney system in their business.
What are the Drawbacks of Using WebMoney?
WebMoney has plenty of advantages, but there are a few drawbacks to this e-wallet service.
- Higher currency conversion fees than other e-wallet services
- Fees with every transaction
- KYC verification required to lift transfer limits
- Unclear information for new users on max limits
One of WebMoney’s most annoying aspects, and any other e-wallet web payment service, is KYC. They never tell you to verify your ID until you want to make a big withdrawal or deposit.
If you have problems handing out your private information, this might not be the service for you.
WebMoney limits you to small transaction amounts until you verify your identity. You’ll have to send WebMoney a copy of a valid photo ID, which they use to verify your ID.
Therefore, WebMoney records all transactions to comply with AML (Anti-Money Laundry laws).
The biggest drawback of using WebMoney is that all transactions are final. That means if someone finds your password and makes a transfer, it’s irreversible, and you lose the funds for good.
The customer service department will open a case for you, but you can expect never to see that money again. Therefore, with no way to trace or refund payments, WebMoney is a target for financial fraud in large institutions.
WebMoney Transaction Speeds
WebMoney has a reputation for some of the fastest transaction times online. If you’re dealing with smaller amounts under $1,000, you can expect instant payments to your favorite online casinos. That means your account at the casinos finds faster, and you get to the slots in no time.
You can make instant transfers into your WebMoney account from your linked credit or debit card. However, transfers coming from a nominated bank account may take up to five business days to clear.
The card or account used in the deposit or withdrawal from your WebMoney account doesn’t have to be in the account holder’s name. However, for security purposes, the company might want to verify your identity before approving the transaction.
WebMoney can make instant deposits into your account using the following cryptocurrencies and e-wallet platforms.
- Bitcoin (BTC)
- Litecoin (LTC)
- Bitcoin Gold (BTG)
- Ripple (XRP)
- Ether (ETH)
- Monero (XMR)
- Rapid Transfer
- Fast Bank Transfer
Is WebMoney a Good Choice for Online Gaming?
There are hundreds of online gaming sites working with WebMoney for processing deposits and withdrawals. Visit the cashier section of your favorite online casino, and look for the WebMoney logo to see if they accept it as a payment form.