WebMoney
WebMoney is an online payment settlement system established in Russia in 1998.[1][5] It is one of the largest electronic payments processors in Russia by number of users,[6][7] with the company reporting 45 million registered accounts and 300,000 active weekly users in early 2020,[8] and 100,000 stores accepting payments via the system. WebMoney is owned and operated by WM Transfer Ltd.[9]
Company type
Online payment solution
Moscow, Russia[3]
Online payments, Payment processor
WebMoney Transfer Ltd[4]
Service[edit]
WebMoney users' funds are stored in a "purse", which holds electronic money corresponding to an underlying asset, such as a currency.[2] The underlying assets for WebMoney units are held by a global network of companies that act as guarantors for the payment system.[10] Guarantors accept deposits in the underlying assets and issue the corresponding WebMoney units.[11] WebMoney Transfer can be used for peer-to-peer payments, and includes an escrow system. It charges 0.8% of the transacted amount in fees, up to a maximum fee of €50.
WebMoney provides an application called WebMoney Keeper for using their payments services, for Microsoft Windows,[12] Windows Phone, Android, iOS, and Blackberry.[13][10] In 2006, security researcher Kris Kaspersky criticised WebMoney Keeper Classic for Windows, as it installed a low-level device driver that allowed direct access to the I/O ports and accessed the hard disk directly using ATA commands instead of via the operating system.[14]