WebMoney is an online payment system used in Ukraine, Russia and a bit of Eastern Europe. It is a digital wallet online for storage, transfer and deposit. You buy products at stores that accept WebMoney as payment and transfer money from one person to another.
You can pay for WM accounts via bank transfer, credit/debit card or cash in person.
WebMoney may not be supported in every country and the types of payments may vary by country.
Web money safety
WebMoney is usually taken as a secure payment. It’s secure to keep the personal and financial information of users safe, and it has lots of fraud detection in-built.
What matters in Web Money are the digital certificates, with which the user can identify himself. All WM users have their digital certificate which is hosted on a private server and serves as proof that the user is who is logging in. This will secure it from hacking and abuse.
WebMoney doesn’t simply use digital certificates to protect user accounts, there are other forms of security WebMoney uses. Two-factor authentication, fraud protection and data encryption are just a few of them.
Nonetheless, there is no system which is 100 percent safe but WebMoney has been doing a good job at protecting its platform and its users’ sensitive and personal financial information.
In general, with any kind of payment system which can be provided via the Internet, make sure that you are doing everything you can to protect yourself. Such as putting strong passwords and being extra careful about disclosing sensitive and financial information over the internet.
How Web money works
WebMoney is a payment system for you to send, receive, store and send money over the Internet. It’s an online wallet, the kind that trumps the likes of any other electronic payment system, be it PayPal or Venmo.
You will have to create an account and send money into your wallet using WebMoney. Depending on how you want to fund your account you can do this either by bank transfer, credit/debit card or by withdrawing cash from retailers.
Once you have money in your WebMoney account, you can pay for stuff online where you pay with Web Money or send and receive money from other WM users. Web Money is protected by the latest security measures to protect users’ data and money: digital certificates, 2-factor-auth, fraud protection software, and encryption of data.
The site also offers many other products of the financial industry like escrow, e-invoices and creating loans. WebMoney is available in several countries but not everywhere and it doesn’t take all kinds of payment. It’s very popular in Ukraine, Russia and other Eastern European countries.
WebMoney fees
WM does because it’s charged for some of its stuff. Fees of Web Money differ from service to service and country to country.
This is some of the stuff that WebMoney will charge you for:
Transfers from your bank account
WebMoney charges for certain methods of transfer to your bank account, such as credit or debit card, or cash withdrawal at a retail establishment. Typically the charge for such options is a percentage of the entire addition.
Money Transfer
You pay WebMoney to transfer money from your users to you. You will be charged as a percentage of the money you send, more if you are sending to or from specific countries.
Transfers of money
WebMoney charges to convert one currency into another. It’s a commission usually a percentage of the amount exchanged, and is subject to change concerning exchange rates and the market.
Other services
There will be other fees from WebMoney for other services, such as escrow, digital invoices, loan placement, etc. Such services cost money in the types of services and the country that uses them.
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