Webmoney Account Funding Partners
Mark Herpel
March 29, 2008
It´s no mystery, how to add money to your WM purse. Their current list contains over 35,000 brick and mortar locations worldwide where anyone can walk up with cash and spend to their Webmoney account.
The Webmoney Team has partnered with several of the world´s most successful alternative online funding methods which were designed for custmers that do not have a regular bank account. No matter what country you are in or what currency you are using, it´s likely possible that you can take the cash in your pocket and fund your Webmoney account. (except the US)
No other digital currency operation, large of small offers such an exciting and convenient mix of payment alternatives.
Fund your WM-Purse with cashU prepaid cards
In August of 2007 Webmoney launched a dynamic partnership with cashU – the largest internet payment provider in the Middle East. WM customers from that region of the world can now use local cashU walk in locations to top-up their WebMoney Purse (WMZ-USD) From this partnership, it is now possible for anyone with a cashU card to fund their Webmoney account simply by visiting the Webmoney online interface.
Part of the Maktoob.com business empire, cashU allows users to pay and transfer money online without risk of theft, fraud the burden of disclosing any personal information during the transaction. cashU is the perfect online payment solution for anyone who does not have a credit card, bank account or just prefers to use cash. This cashU system is completely anonymous and available in 28 countries around the world.
"cashU reduces the risk of online payments and allows for wider, safer and faster consumer participation in e-commerce."
cashU offers a great Internet payment product (card) in global markets where credit cards are not prevalent but demand still exists. One nice benefit cashU offers is the access it provides minors for online shopping. Anyone under the usual credit card age can use these cards to safely shop and spend just about anywhere on the Internet.This new partnership between cashU and WebMoney is just one link in a long series of mutual ecommerce partnerships for these two companies. Both Webmoney and cashU offer non reversible transactions. Privately issued ´e-currency´ such as Webmoney is extremely flexible and now popular on a global scale. Peter Darakhvelidze, Director of Corporate Affairs from WebMoney Transfer, shared this insight:
"From my point of view, all payment systems with irreversible transactions can be linked by gateways pretty easily, because complicated reconciliation procedures are not necessary. Gateways can be both direct or indirect [through exchangers]. www.bi-me.com/
Both Webmoney and cashU provide merchants with highly effective solutions for selling goods and services on the Internet. Since the cashUcard is a prepaid card, the user simply tosses it out after the single use. This card development, was a key online payment solution for this region of the world and this new Webmoney partnership opens up expansive retail markets for both companies.With the addition of cashU, Webmoney users who previously lacked access to online credit and banking have a greater selection of local funding options. Users most effected live in these countries: Egypt, Jordan, Kuwait, Nigeria, Oman, Palestine, Qatar, Saudi Arabia, Sudan, Syria, UAE, even Iran and Iraq.
During an interview with Business Intelligence Middle East, in August 2007, cashU General Manager Martin Waldenström said:
"In time, we would like to partner with other leading e-currencies in markets that are outside of our geographical expertise."
Holders of cashU cards simply log into Webmoney and enter their card details. The purse is instantly funded from the prepaid card. This service is available only to formal passport (or higher passport types) holders! URL: Top-Up: top-up.wmtransfer.com/Fund your WM-Purse with UKASH
Ukash is a financial product which allows shopping on the Internet and is designed for anyone who is using cash, instead of a credit card. This is an ideal product for digital currency users. Spending Spending Ukash online is just like using real cash, no ´PayPal like´ registration is ever required. There are no age limits and users are not required to give out any personal financial information. Ukash vouchers are sold in a majority of European countries and the voucher, will Top-Up a WME (euro) purse. This voucher can be used anonymously to shop and spend online. It is an exceptional cash-to-digital product as used by Webmoney.
Ukash is based in London, they´ve been operating since 2001 and are regulated by the UK Financial Services Authority (FSA). This is another example of Webmoney Transfer partnering with an existing successful payment operation and greatly expanding their users´ account funding options.
Walk into any Ukash location in the UK, Ireland, Spain or Germany with cash, buy a Ukash voucher and quickly fund your Webmoney account.
The process works like this:
All Ukash vouchers have a 12 month lifespan. Top-Up service is available only in the countries, where UKash vouchers are officially sold in offline outlets. If you try and use a Ukash voucher while at home in the US, it will not work.
It is even possible to easily combine Ukash vouchers or split one into several and if your purchase is less than the total amount, you will receive a ´change´ voucher for the amount not spent. It´s a brilliant system.
The Ukash voucher contains no fees. You can spend your exact Ukash value – there are no hidden charges or fees deducted.
What does adding Ukash as a payment option do for the Webmoney Team?
Generally, digital currency users around the globe are not ´normal´ local banking customers. That´s one of the major positive features of digital currency, you don´t need credit card to do business online. By eliminating all the credit card fraud, digital currency becomes much cheaper to use, offer no potential fraudulent charges and sort of levels the playing field for merchants wanting to sell online. No possible chargeback risks also means the fees and costs of doing online business are much lower. Consequently...digital currency consumers, are frequent cash users, not credit card banking people.
With any digital currency operation, expansion of the core business (more customer, more transactions, etc) occurs at the entry points where national currency is exchanged for digital currency. If Webmoney had just one location in Russia accepting walk in cash-to-digital funding, their company would have gone out of business long ago. Thankfully, they have over 35,000 global walk in locations.
By partnering with firms like Ukash which has thousands of walk in locations in a half dozen countries, Webmoney merges their digital currency operation with a large existing walk in cash market. This instantly creates a few million more potential WM consumers in multiple jurisdictions around the globe.
Webmoney´s local account funding partners such as Ukash, cashU and paysafecard, which together offer thousands of locations for walk funding, enable their operation to expand at a much faster pace than any other digital currency company. Additionally, all cashU, Ukash and paysafecard locations are already regulated through their local jurisdictions.
Fund your WM-Purse with paysafecard
This Webmoney local funding partner was the first and is today the leading prepaid card in Europe which allows users to make online payments. The company has been in operation since 2000. This product is almost identical to the two other prepaid products that were discussed in this article. cashU and Ukash work the exact same way as the paysafecard. Anyone can spend cash, receive the voucher then fund their WM purse with the prepaid number. Paysafecard can be purchased at walk in locations in European counties using cash. Users do not need a credit card or a bank account to obtain a paysafecard. Local cash works just fine.
Each paysafecard has a 16-digit PIN code. To spend your card value, simply enter this PIN code on the website where you wish to shop and you have completed the transaction.
The sales and distribution of this product covers an extremely wide region across Europe. In the United Kingdom, there are over 18,000 walk in locations, throughout all of Europe there are over 100,000 walk in locations. Plus, Germany has more than 2000 automated card machines which accept cash and distribute cards.
Depending on where you purchase the paysafecad, your paper product could either be the small card, with a scratch off PIN or it could be a machine printed paper receipt. To pay online using the card or to fund your WM account, all you need to do is enter your card´s 16-digit PIN code. The paysafecard will Top-Up a WME purse (euro).
What do all of these prepaid local account funding methods have in common?
They are all non-reversible transactions
If you shop online or fund your WM account using that paysafecard, cashU card or Ukash voucher this is a non-reversible transaction.
A week later, unlike credit card transactions, you cannot reverse this business. All Webmoney transactions work the exact same way as the prepaid card products....Webmoney is a non-reversible transaction. There is no potential for fraudulent ´charges´ all of these unique products are identical in this feature and as Peter Darakhvelidze from Webmoney has stated, (yes its worth reading again, a very important Digital Currency Concept)
"From my point of view, all payment systems with irreversible transactions can be linked by gateways pretty easily, because complicated reconciliation procedures are not necessary. Gateways can be both direct or indirect [through exchangers]." *www.bi-me.com/
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