OverviewPayment group: e-Wallet
Payment product id: 841
Webmoney is a very popular and rapidly growing eWallet with over 20 Million registrations (predominantly young people). Webmoney has the biggest market share in the age of 16 – 35 who pay online in Russia and Ukraine.
Alternative payments like Webmoney are by far preferred to traditional payment methods in Russia and Eurasian countries.
To join WebMoney, a consumer needs to open an online account .There are various methods of using the wallet:
- WebMoney keeper Classic: An installed client on the computer to authenticate
- WebMoney keeper Light: A browser certificate
- WebMoney keeper Mini: A username and password
- WebMoney keeper mobile: A mobile application enabling payments via mobile devices
A purse is funded mainly using cash payments at designated ATM’s, prepaid cards and at postal offices. A small share (approx. 5%) of the users fund via bank transfer.
WebMoney is a redirect product, meaning the completion of the payment is done in the WebMoney system and payment screens. After the transaction is completed (paid or not paid) the consumer is redirected back to your return URL. A WebMoney wallet can be opened and used virtually anywhere in the world. Of total WebMoney transactions Russia 76%) and Ukraine (17%) take the majority. Other relevant countries are the CIS Countries (Members: Armenia, Azerbaijan, Belarus, Kazakhstan, Kyrgyzstan, Moldova, Russia, Tajikistan, Uzbekistan; Participating: Turkmenistan, Ukraine).
- Opens up access to many unbanked e-shoppers
- No chargeback risks
- High security and verification level
- Actively spending customer base
- Top position in online payments in Russia and Ukraine
- Fast integration via us
- Auto top-up functionality
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