WebMoney is ostensibly an e-wallet service founded in Russia in 1998. However, if you asked the company to define itself, they’d probably go with “a global settlement system and environment for online business activities.” So, what does that mean? And what does it mean for online casino payments?

What is WebMoney?

Basically, WebMoney’s technology offers an online eco-system that is optimal for linking their client’s finances. This is why the company stresses the idea of creating an “environment” where finances are porous, but rigorously regulated and secure. In their view, if everyone used WebMoney to manage their funds, then the world would be a more dynamic place.

This blurb is appealing but it’s still rather opaque. The facts are: you sign up to WebMoney, transfer funds and set up purses. These purses are how you manage your own finances and the exchange of funds for goods and services. Thus, not only are your funds centralised online but also protected, and ripe and ready in a slick, commerce primed environment.

I might be getting a bit carried away with the company mantra, again. If you ask the straight question, Is WebMoney an E-Wallet that’s a bit like PayPal? (Whisper It)

Yes.

All The Facts

By 2016, WebMoney had over 30 million registered users, with over 10,000 new customers registering daily. More than 100,000 websites accept WebMoney payments.

According to a survey by the e-Finance User Index, over 2/3s of Runet users say that WebMoney is their payment method of choice. Runet, in case you were unfamiliar, is the Russian language internet.

Most pertinently for casino gamers in Canada and around Europe, WebMoney was awarded an FCA (Financial Conduct Authority) Licence. This means that they have unequivocal status as an electronic money issuer (like PayPal etc) in Canada and all other countries in the European Economic Area.

This means that if a Casino accepts WebMoney payments, then basically anyone in Europe can sign up and deposit with WebMoney. Would you want to?

Ask Russian language speakers. Or Ukranians! The WebMoney transfer system was awarded the prize for “Online Electronic Payment System” at the “Favourites of Success” awards held in Kiev, Ukraine. According to the company’s press release, the winners were chosen by “industry experts, celebrities, and opinion leaders.” Well you wouldn’t argue with Ukraine’s biggest stars, would you?

Various studies into internet spending habits have shown that e-wallets are still on the rise. In Canada, e-wallets account for more than 20% of online commerce payments, and in Germany that figure is even higher. According to the Study “Global Payments Report,” e-wallets may even overtake credit and debit cards as the most popular form of online payment.

WebMoney Casinos In The Future

If that does transpire, then we can expect plenty more companies to enter the e-wallet market to compete with popular online casino methods like Skrill, Neteller, and PayPal. Check out WebMoney transfers at their website www.wmtransfer.com, and check out the casinos here that accept it.