transitions through WebMoney are final, and this makes the online merchants immune for any fraudulent transactions. Contrary to any other e-payment systems...
Webmoney is the parallel electronic cash transaction system just like with E-Bullion, PayPal, E-Gold, and other online payment services.
Webmoney is a very safe secure payment system that is highly anonymous, but the registration process does require an email and further SMS verification. Obviously, it is stricter in regulating when it requires confirmation for opening and utilizing the accounts.
The verification allows the Webmoney users with some added advantages. The users can retrieve their private key file if unfortunately, they lost their keys somewhere. Secondly, in case of any controversy the Webmoney can more effectively provide arbitration. The other advantages from using Webmoney include online transactions, online exchange, credit activity, useful in a condition where the services require personal client ID and many more. The verified clients can verify other clients and even charge fees for verifying them. Once any client becomes a verified Webmoney client, they can verify the other clients.
How does WebMoney Work?
The users can send money to any recipient by following the instruction of the send money tab of Webmoney’s website. All you need to know is the email address of the recipient whom you have to provide while sending the money.
You can receive money through Webmoney once the payer knows your email address and sends you the money on your email address. This allows your player to send you money via Moneybookers. The funds are automatically credited to your Moneybookers account when someone sends you money through Moneybookers.
All the transactions are secured by the WMTransfer software and consist of one of the three categories. Firstly, you can download and install the software on your computer, and WebMoney Keeper Classic is a standalone application that is available for download. Secondly, in case you don’t want to download and install you can use WebMoney Keeper Light. And the third category is dedicated money transaction services on mobile platforms, and you can use Telepat application on your Java enabled Smartphone and operate your account through your mobile.
WebMoney Pros and Cons
The transitions through WebMoney are final, and this makes the online merchants immune for any fraudulent transactions. Contrary to any other e-payment systems that often face Phishing onslaught, WebMoney offers much safer option as it doesn’t store any of its user’s personal information.
The WebMoney system uses instant messaging to send bills and extend credit, and the users can also protect their payment by assigning their personal passwords.
Despite achieving extraordinary success within a short span of time and getting popular day by day the WebMoney system has also been criticized. One such criticism is that you can’t purchase webmoney credits using paypal or credit cards. The WebMoney system also blocks some user from using its services without even notifying them.