What is WebMoney? Payment Processing Method | Ikajo

What is WebMoney?

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WebMoney is an international online payment settlement system. It originates in Russia yet it is widespread all around the world now. The payment system was launched in 1998. The financial crisis in the late 90-s was the reason for the payment system creation. It enabled dollar money transfers.

After decades the system has evolved. Currently, the system offers wide opportunities to its clients. So, it serves as a payment method, option for pay-in and pay-outs, and provides a separate range of features for businesses. Also, the most popular WebMoney usage is as an e-wallet. Every country that supports the wallet has a bank or financial institution guarantor.

Currently, WebMoney numbers over 40 million accounts. On top of that, more than 38% of Russian customers who shopped online, used this option to pay for purchases.

On top of this, nowadays WebMoney work is a variety of countries globally. Providing that, clients can pay for services of Spanish, Polish, Belgian companies.

What are the WebMoney benefits?

Over the years, WebMoney has developed a range of services for both individual and corporate clients. For instance, customers can deposit their wallets via cash, bank wire, terminal, etc. Then it is possible to pick WebMoney as a payment method on any website that supports it. The way customers maintain and control their wallets is comparable with online banking. They can access their account to manage all their funds.

Businesses also enjoy a range of opportunities. For example, companies can control & manage their funds, plan the workflow, secure transactions, and so on. Merchants can also settle the payments to their bank accounts. But, probably, the main benefit for the merchant is a chargebacks’ absence.

How to use WebMoney?

The user shops using your online store. On the checkout page, the customer picks WebMoney as the preferred payment method. Then the customer fills in his/her account credentials and confirms the payment.

Why you should offer WebMoney?

This payment solution is already popular among the population. Lots of online stores or service providers offer this payment method. That’s why joining them will be a nice move especially if you target the Russian market.

Besides, this system is available in Kazakhstan, Belarus, and other countries; for euro-zone plus another unit of account is litecoin.

According to the statistics, we’ve shared at the very beginning, a huge number of online shoppers in Russia prefer this payment method. So, offering it will multiply your competitive opportunities.

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