WebMoney Cards: Revolutionizing Online Payment Solutions

1. Introduction

Finally, the report will present a range of primary research data that has been collected from a number of current WebMoney Card holders in order to give a well-rounded and realistic evaluation of how the card is currently accepted and used in the online retail and payment industry. A variety of methods have been used in order to ensure that the data collected is both up to date and relevant. A summary of these methodologies and ethical considerations will also be included in the analysis section of the report.

Following on from this, the report will evaluate the key features of the WebMoney Card and explain what makes it unique in comparison to other card and payment methods available. By understanding the main offerings and abilities of the WebMoney Card, individuals who are thinking of obtaining one will be able to obtain a clear insight into why the card is likely to have such a large impact. This is an essential part in establishing the validity of the report’s main thesis.

The intention of this report is to provide an informative and detailed insight into why the WebMoney Card is capable of revolutionizing how we pay for items on the internet. Firstly, the report will detail the history and structure of WebMoney Transfer, the company behind the card. This is essential in providing context into why and how the card has been developed and what this means in terms of benefits and drawbacks.

One of the more recent advances in the world of online payment solutions is the introduction of the WebMoney Card. This can be used either as a virtual card or as a real plastic one and does not require holders to have a bank account in order to use the card to make payments on the internet. Instead, individuals can top up their card through a number of different transfer methods and begin spending online with ease.

1.1. Overview of WebMoney Cards

The WebMoney Card is a prepaid Visa card that is safe and easy to use. These cards are accepted everywhere Visa is accepted, meaning they can be used to purchase both goods and services online as well as in stores worldwide. This is true even for international sellers, as currency conversion is automatically applied at the current exchange rate so prices are displayed in the local currency. Each card is given its own unique full Bank Identification Number and 16-digit code that is used to identify authority to release payment each time a purchase is made and ensuring its security. Also, as a username is given when the card is issued, and as no personal bank details are shown on the card, users can feel safe in the knowledge that their consumer identity is safe from potential fraud activity. A WebMoney card can be used for services linked to e-wallets and bank accounts of the WMR, WME, WMZ, WMY or WMG type although these respective purses must be authorized by the relevant card number before money can be transferred. At the moment, the cards can only be ordered through the post and it can take six to eight weeks for an application to be successful. However, multiple types of cards can be ordered via online banking or using the WebMoney app on mobile or tablet devices, by selecting the relevant purse and receiver. Card credits are also available through the deposit cash-in terminals that can be found worldwide. This means that travel card bonuses can also be taken advantage of, as cardholders can receive cash back bonuses from sales made in countries outside of Russia and CIS. These bonuses are calculated and transferred to the WMP registered purse annually and are determined by an exchange rate fixed on January 1st and special output exchange rate based on the national bank rates in the countries visited. Moreover, the use of these cards for the safe management of finances and payment of goods or services has recently been extended by the launch of a partnership with QuickPay JSC, a leader in online transfers within Russia and the CIS. WebMoney card allows users to be provided with a virtual and plastic card, coupled to the same unique card system, which expands the possibilities of users with greater variety in international transfers, simple to use methods of e-commerce and secure methods for social network and mobile phone credit top-ups. This not only gives greater flexibility for card users but advances in technology and the increasing simultaneous need for both higher levels of security and ease of access mean that the WebMoney card is likely to develop and expand even further in the near future.

1.2. Benefits of WebMoney Cards

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Fast Money Management: With WebMoney Cards, your online money management is instant and simplified. Card holders can check their balances, view their statements, and top up their cards no matter where they are.

Global Acceptance: WebMoney Cards are not only accepted online and at millions of retail stores globally, but they can also be used to withdraw cash from any ATM. This means that if you are on holiday or on a business trip, all the money you need is at your fingertips, wherever you are. WebMoney Cards are accepted around the world, making purchases while on vacation convenient and hassle-free.

Absolute Security: Financial information steal and unauthorized payments are no longer your problem, as WebMoney Cards provide complete security for your money. In contrast to traditional payment methods, you don’t need to show your plastic card when you pay for products and services. You can be confident in knowing that your personal information is private and secure.

Anonymity and Simplicity: WebMoney Cards make online payments and online product purchases easier and simpler than ever. All it takes is just a few clicks of the mouse, and you have paid your bills and finally can select and buy the products you like and need.

Some of the benefits of WebMoney Cards over traditional payment options have been listed below.

2. How WebMoney Cards Work

The procedures for getting started with and using a WebMoney card are quite straightforward and user-friendly, and in fact most users find that the card is much easier to use than other payment methods. To begin with, users must register at the WebMoney site using a simple online form. Once a username and password have been received and the user has logged in, obtaining a new WebMoney card is as simple as clicking a link. The user will be taken to a page where the many styles of WebMoney card such as virtual, classic, or gold cards are described. Each type of card has its own special features and limitations, which means that users can tailor the card to their specific needs depending on how much money is likely to be used. This ability to choose a type of card and to easily transfer money from one type of card to another if necessary means that almost anyone can begin using a WebMoney card with a minimum of fuss. Once a card has been ordered, it has to be activated which is as simple as entering a unique card number and pin into the website. After that, cards can be loaded with money using a number of different nationally accepted funding methods such as through taking a cash card given at many checkout tills or by using a bank card. Once the card has been loaded, users are free to use their WebMoney card to make secure online payments. As users put in card details, the online payment pages connected to WebMoney automatically switch to a secure internet connection, helping to guard against fraudulent activity. Users can see at a glance in their WebMoney personal area, which can be accessed at any time, how much money is left on a card. Also, a huge variety of different products and services is available to buy with a WebMoney card from large international websites, which can deliver goods from abroad if necessary, to small independent Russian businesses. So not only is using a WebMoney card a hassle-free and secure way to make payments, it also opens up other possibilities for spending money online.

2.1. Registration and Activation Process

To start enjoying the flexibility and convenience of WebMoney cards, you must get registered to receive a WebMoney account and to get a card for the account. The process of registration is easy and can be done within a short time. In fact, the company has introduced several methods to simplify the process. First, you can choose to complete a personal account registration form and then send the form to the relevant offices of WebMoney. Although this method is a little bit slower, it is a sure way of getting registered. Secondly, you can download and install WM Keeper Standard or WM Keeper WinPro, which are special computer programs for receipt of a personal WM identifier and for its use. These programs can be downloaded from the WebMoney website and take a short time to download and install. By using either of these methods, you will get WM digits, which are similar to an account number. After receiving WM digits, you can visit any certified WebMoney registration office in order to obtain a digital passport of WM and the WebMoney card. Visiting a registration office is a must and you will have to carry the National passport and Tax Identification Number when visiting the office for identification purposes. The registration process should be simple and fast as long as all the necessary documents are availed. Once the registration process is complete and a WebMoney account is obtained, the next step is to activate the card. The card can be activated on the WebMoney website by submitting a card activation request and then providing WM id of the user and the serial number of the WebMoney card. A message will be displayed on the website showing that the process has been successful when the activation is complete. There are no service fees charged for the card activation and the process takes a very short time. Any WebMoney card can be activated for use at ATMs by linking the card to the WebMoney R purse, which is an equivalent of an account in the system. This is done by specifying passport details and the R purse in the “personal topics” section on the WebMoney website and following the instructions there.

2.2. Loading Funds onto WebMoney Cards

WebMoney Cards work by allowing their users to load money from other sources onto their WebMoney Cards. They then use this loaded money to make payments online, just as they would with a prepaid debit card. If a certain transaction requires more money than what the user has available on his or her WebMoney Card, it is also possible to link the card to other sources of online funds, such as the user’s online bank account. However, the type of service available depends on the exact WebMoney Card used and the country where it is issued. Generally, to load money onto a WebMoney Transfer card, a user has to pick a suitable payment system available locally to them, which includes bank transfer and credit transfer from phone or electronic money. After choosing a top-up method, users select the card to be loaded using one of the available options of card lookup on the website. The user then enters the amount to be transferred to the WebMoney Card together with any additional notes, selects the currency, and confirms the transaction, upon which funds would immediately reflect on the WebMoney Card. One key aspect that differentiates these cards from regular debit or credit cards is that WebMoney Cards are primarily designed to be funded by receiving money from other WebMoney users, exchanging money, and transferring money. As such, they are primarily used for making instant and secure payments online or over the phone and making global and secure money transfers between dealers.

2.3. Making Online Payments with WebMoney Cards

To make an online payment using a WebMoney card, simply select the card as your preferred payment option on the payment page and then enter the card number, its expiry date, and the CVC2 number. Always remember to fill the payment page carefully in order to avoid any mistakes. Once you make the payment, the payment amount will be deducted from your WebMoney card’s balance. Also, remember that you can only make a payment using a card that bears the “Verified by Visa” or “MasterCard SecureCode” logo. These are security features employed by many online sellers to help ensure that payments are safe and secure. If you selected the “WebMoney Card (Ukraine)” option, you will be redirected to the top-up page because you cannot make online payments from a Ukrainian WebMoney card directly. This is more of using a card as a second step after having topped up a purse and then using the purse to make payment. Hopefully, this information will help guide you on how to go about making online payments using your WebMoney card.

3. Security Measures of WebMoney Cards

The central stored value account that is maintained and operated by a computer system designed to produce detailed records of individual transactions spanning the fully disposable usage of one or more Web-Money Card account works seamlessly. In case of application for obtaining a WebMoney Card, at least the minimum information about a primary account of a card comprising at least one of an account number, cardholder name, account balance and card activation information is meticulously inspected before a Web-Money Card is made accessible to the card holder. The card number corresponding to the Web-Money Card provided by the information and processed to provide a particular, unique identifier which is used to retrieve and transfer the funds held on this card. In addition, the balance of the card can be checked at any time because the funds in the spending account of the card are digital in nature as opposed to being physical items. Also, any information about the use-cryptogram components may be stored separately from the central stored value account but may be associated therewith, being used to facilitate the secure use of the Web-Money Card account by verifying the authenticity of the card or card holder in transactional situations. A system and a process for conducting fee-based transactions in a secure manner includes a car integral use-cryptogram components and using a server-based stored value account. The car may be provided with a variety of financial type services. The card holder, be it a consumer or a merchant operations, may replenish the card cash balances through a credit card transactional provided that proper two-factor authentications are used to maintain a stringent level of security over fraudulent main in the process. The server system comprises facility for providing transactional information to one or more data centers that may be centrally operated or remotely operated in connection with the financial clearing operations. Pen-ultimately, a server facility is disclosed and integrated with the management and control of the car integral use-cryptogram components. Finally, operation procedures are provided, wherein the novel features of the application’s usages or the managing process of an account are described in great details.

3.1. Two-Factor Authentication

Next to other advantages, WebMoney offers to its customers, this financial solution has a two-factor authentication process. This multifaceted authentication type provides a higher level of security and decreases the number of fraudulent actions. With WebMoney, the two-factor type consists of 3 main steps. First, the person enters a unique identification code. The program then generates a request to input the second authentication code. In this type of two-factor, the security token of the person combines his PIN with another code the token program generates. This results in another unique security code, and, after the person enters it, the log-on process continues. Each time when a two-factor authentication enabled service is accessed, a 6-digit code is requested. This code changes to a new one every 30 seconds. This time-based one-time password is only valid until the next code comes into use. Also, it adds a higher level of security to the two-factor type. Every code in the sequence is a result of a mathematical algorithm and a unique code which is determined by the current time and a security token. All these measures make it possible for a much safer usage of WebMoney financial services.

3.2. Fraud Prevention and Protection

In order to protect the cardholders from fraud, WebMoney has put in place a suite of anti-fraud measures. WebMoney has implemented fraud monitoring in real time, with machine learning algorithms analyzing each transaction as it happens. This means that any abnormal activity will be flagged almost immediately. Any transaction that is deemed to be a risk will be frozen and investigated by the fraud team. The cardholder will be contacted to confirm their involvement and whether the transaction was an attempt to defraud. The card also doesn’t boast the card number anywhere, which protects against ‘card not present’ fraud. This is where fraudsters use stolen card details knowing that they can be used for online transactions. The added step of needing a card number off the physical card itself to complete a transaction makes it much harder for their crime to be successful. Fraudsters are also unable to duplicate the card and misuse it at an ATM, much like they could do with a traditional credit or debit card. WebMoney goes further by allowing the cardholder to change the pin of their card whenever they wish. This means that if they believe the pin has fraudulently become known to someone else, they can change it without having to get a new card reissued. All of these features combined mean that WebMoney cards are much more secure against fraud than traditional banking cards.

3.3. Dispute Resolution Process

When you find an unauthorized transaction is showing which you did not allow to pay for, or if you believe a transaction error has occurred, promptly contact the payment processing company. Check your WebMoney Keeper because if your payment is made there should be a successful transaction. If not, then it is likely that no payment took place and you should instead pursue the matter with the merchant of the good or service you were trying to buy. You may file a claim under the applicable card association rules or other dispute resolution process, such as those established by the Payment Card Industry (PCI) Security Standards Council, against us for unauthorized transactions, so long as reasonable notice is provided to us. When you notify us, provide us with all of the information that you have which indicates a transaction may be unauthorized, which may include written statements concerning the dispute, the card account number, the dollar amount of the disputed transaction and the date of the transaction. Such information is necessary to help us to identify the transaction in question and should be furnished to us without incurring costs to us. We may require you to provide the details of the unauthorized transaction in writing and to sign and return a statement under penalty of perjury, and any other reasonable legal form requested by us to confirm a claim of unauthorized transaction. If we request the above information or documentation, we will advise you of this requirement and of the potential for loss of protections of EMV Standards if you do not provide the requested information and the deadline for our receipt of such information. It will be your duty to promptly cooperate with our investigation and to provide to us the information and documents that we request in connection with the unauthorized transaction claim.

4. Future Developments and Conclusion

These future expansions of the WebMoney Card network will make obtaining and using a WebMoney Card an even more convenient method of accessing your e-wallet funds. Firstly, a greater international acceptance of WebMoney Cards will make the service a more flexible online and offline payment solution for users across the globe. The WebMoney Transfer system itself has seen growing integration with other third-party solutions including cash and internet-based payment systems. The newest mobile payment methods and applications are still in the process of being integrated with the WebMoney network. As the popularity of these modern payment methods continues to grow, the ability to link mobile payment processes directly to a WebMoney e-wallet will further enhance convenient access to users’ financial resources. In essence, the WebMoney network continues to expand, evolve and diversify the services on offer in ways that cater more closely to diverse user needs. These future network developments support a user-oriented, accessible and technologically advanced means to manage and deploy online e-wallet resources with maximum flexibility and convenience. In conclusion, the WebMoney Card payment system is an innovative response to the ever-evolving challenges of online monetary transfers and mobile-linked financial transactions. By combining the practical benefits of plastic payment cards with the ability to handle funds via the WebMoney Transfer network, the WebMoney Card brings tangible flexibility and convenience to all users of the WebMoney e-wallet system. The current and future expansions of the WebMoney Card merchant network will make it even easier for users to access goods and services from a wide range of online and offline providers.

4.1. Expansion of WebMoney Card Acceptance

When WebMoney initially launched the payment system in 1998, it was geared towards the Russian market. Over the years, the system has expanded to accommodate users from all over the world. To date, WebMoney is accepted in over 100,000 online stores across the globe. One of the key drivers of WebMoney’s continuous success is the systematic expansion of WebMoney card acceptance. WebMoney cards are based on the VISA system, which means that any store that accepts VISA cards would also accept a WebMoney card. Thanks to this advantage, it allows WebMoney to tap into the 53.9 million VISA enabled stores worldwide. There is a constant international movement from the traditional modes of banking and payments to online ones. Customers are also embracing alternative payment services as more innovative ones, like WebMoney, enter the market. WebMoney cards work in the same way that a VISA card functions, and this includes online and abroad transactions. Also, like any other VISA card, you can withdraw cash at VISA ATMs. By expanding the locations and countries that accept WebMoney cards, it makes it even more accessible to a growing number of people across the globe. With the international reach of VISA and the increasing demand for online payment services, the possibilities of using WebMoney cards will continue to expand, making it a crucial payment service in the digital era. This approach of strategically focusing on expanding the international territories that WebMoney cards are accepted will go a long way in increasing its efficiency and usability. By 2019, WebMoney is looking to set up and expand the acceptance of WebMoney cards in countries such as the USA, Canada, and Australia. By increasing the number of countries that accept WebMoney cards, it is one way of capturing the interest of potential users that may want to use WebMoney in their home country. The more countries that accept WebMoney cards, the more buying and purchasing capabilities its users will have access to. Expanding WebMoney cards is not beneficial only to the current users of the payment service, but also to merchants or sellers that employ WebMoney services. New countries bring new business opportunities. By continuously expanding the scope of WebMoney cards, merchants will see the benefits of tapping into a growing international online market. Such business opportunities will help to ascertain the sustainability of WebMoney as a prominent figure in the constantly evolving digital payment market.

4.2. Integration with Mobile Payment Solutions

There are two main types of mobile payment solution currently available. The first type is software and includes platforms like Google Wallet. The second type is hardware based, which includes systems such as the one offered by businesses like iZettle. Very few of the traditional payment systems in the UK support either hardware or software based mobile payment solutions. However, as the popularity of these systems increases, it is likely that more and more of the big names will experiment with new ways for utilizing mobile payments. One such example is Barclays bank who have recently rolled out a service called bPay, which is a sort of precursor to contactless payment implementations expected in the next few years. This means that, for newer businesses especially, implementing a WebMoney based payment system could be a good way to future proof your business, as consumers’ preferences and trends in the market may move towards mobile payments over traditional card systems. We are already seeing that major companies are starting to take mobile payment systems more seriously and providers such as Apple Pay and Samsung Pay are becoming more and more well known. In July 2015, the publication ‘The Telegraph’ reported that UK mobile network operator EE saw one million customer registrations for their Cash on Tap service, representing an increase of 66% from 2014. Such impressive rises in the take up of mobile payments make a good case for beginning to implement systems like the WebMoney platform in the UK.

4.3. Conclusion

In conclusion, this analysis highlights the importance of embracing technological innovations in the field of online payment, which implies adopting a new WebMoney+ solution. Evaluation of the WebMoney Card solution reveals numerous advantages over some of the prominent solutions like the Visa/MasterCard credit and debit cards. It is thus the frontline suggestion in this context because it has proven to work efficiently in Russia, meaning it will transfer the convenience and the security features to any foreign internet user. This is a payment system that goes beyond the traditional cards; it has been developed to feature all the modern technological and security parameters, as seen in other alternative payment solutions like Google Wallet and Apple Pay. However, unlike these two options, it offers multi-currency platforms for both consumers and merchants. For the case of merchants, the WebMoney solution offers an additional choice of creating their own private electronic money and distribute them to all network users without structural contractual relationship. The market today is becoming more global and therefore it is incumbent upon the intercontinental trading parties to find secure, convenient, and flexible payment systems like WebMoney. The success of online payments can only be enhanced as technological advancements continue to unfold and it is expected that other equally convenient and secure solutions could be developed to compliment the WebMoney or such future payment solutions. However, as it stands, the WebMoney+ with the WebMoney card is a versatile and modern payment solution that is practical for both domestic authorities and for foreign entities. And until the rise of any known payment solution that can challenge justly the position of WebMoney in Russia and overseas, it remains the best alternative for international online traders as far as convenience and security is concerned. As such, businesses are encouraged to move with speed and seize the opportunity to register to the WebMoney Merchant Service and start leveraging the immense benefits that come with accepting all the major cards and electronic payments plus the WebMoney+ solutions.