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WebMoney Transfer

In: A History of Digital Currency in the United States

Author

Listed:
  • P. Carl Mullan

    (Digital Currency Intelligence Authority Ltd.)

Abstract

The WebMoney Transfer platform launched in 1998. It is a Russian Company and leading digital currency online payment system. The various WebMoney currencies were developed to match the payment needs of identified groups and users with pre-existing needs for this payment product. WebMoney Transfer developed a Passport User Identification system with levels of access that allows for users without verification and also fully verified users. WebMoney has never allowed investments or HYIP schemes. The verification system helps identify potential misuse of the currency. WebMoney customer demand has also created thousands of independent exchange agents around the world, along with prepaid cards and cash-in kiosks that exchange cash for WebMoney funding. The company’s operation has discouraged exploitation of the system and prevented Ponzi schemes. In 2016, WebMoney Transfer is still a digital currency leader around the world.

Suggested Citation

  • P. Carl Mullan, 2016. "WebMoney Transfer," Palgrave Advances in Economics of Innovation and Technology, in: A History of Digital Currency in the United States, chapter 0, pages 245-260, Palgrave Macmillan.
    • Handle: RePEc:pal:paiecp:978-1-137-56870-0_10
    DOI: 10.1057/978-1-137-56870-0_10
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