Digital Money World

The Prize For Growth & Innovation Goes To Webmoney

by Mark on March 29th, 2007

Webmoney is what I consider a digital money ‘mover & shaker’. The aggressive online currency company is changing, adapting and quickly growing along with it’s Internet financial surroundings. I like Webmoney and write about them often *1,2,3,4. If you don’t yet have a Webmoney account, I would invite you to take a few minutes and set one up, its free and as an online payment tool its hard to beat their advantages.

Webmoney is a very secure ewallet or as most call it an ‘electronic purse’. I still carry a wallet and not a purse so I’m just going to go with ewallet! This is a non-U.S. system and in today’s world as we all know, that means added privacy. WebMoney Transfer’s underwriter on WMZ and WME transfers is non other than Amstar Holdings Limited, S.A. located down here is sunny Panama.

Low transaction fees & secure internal chat with other users allow this global electronic currency to be accepted by many businesses both online and offline. The total sum of transactions for 2006 was over $1.45 Billion USD and that included over 15 million individual transactions between users. Perhaps one of the best features of this company is the fact that they cooperate with other businesses and work to create new financial services and payment solutions. They encourage the use of Webmoney for local payments and exchange.

Webmoney, has also teamed with Ukash, a great electronic voucher system, which is both anonymous and fraud proof. This allows online users across Europe the convenient opportunity to spend and shop online but pay using their local cash. In the UK and Europe, Ukash offers over 100,000 local payment ‘terminals’ which permits anyone to purchase a ‘voucher’ using cash. Then on their home PC, that voucher is instantly converted to Webmoney online currency.

These sales ‘terminals’ are conveniently located throughout the UK, Germany, Ireland and Spain in places like newsagents, grocery stores, petrol forecourts and other walk in locations. They make it easy for anyone with cash to buy digital Webmoney. Also, unlike other pre-paid online products, Ukash charges NO FEE to the consumer at the point of purchase. That lack of a fee ensures that local cash users are not discriminated against during their online spending. (Leading Gaming sites now also accept Ukash) Webmoney users can now spend their cash locally and top-up their Webmoney ewallet (purse :-). This partnership makes online commerce widely accessible to the millions of people who don’t currently have a credit card or bank account and that is exciting innovation.

Webmoney is adopting and growing along with the world’s appetite for digital money. They are producing new products, teaming with other financial companies and inviting new business both online and offline. They even offer a financial social network called WebMoney Debt Service. Similar to Prosper.com and other largely popular online loan networks, Webmoney Debt Service, lets you borrow funds in Webmoney.

Its really amazing to try and keep up with this company’s innovation and growth. I have been comparing Webmoney’s growth with other popuar DGCs….watching how they[WM] keep up with the ever expanding online financial world while other popular e-currencies like e-gold don’t even offer blog or a proper mailing list. Yes, we still love you e-gold but for how long? The competition is getting tougher and can anyone picture a world where Webmoney offers a transparent gold backed product denominated by weight….hmmmm. That one is on the top of my Christmas list.

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POSTED IN: Online Currency, WebMoney