WebMoney is ostensibly an e-wallet service founded in Russia in 1998. However, if you asked the company to define itself, they’d probably go with “a global settlement system and environment for online business activities.” So, what does that mean? And what does it mean for online casino payments?
The firm was founded in Russia in 1998, in the wake of a major financial crisis in the country at the time. WebMoney allows Russians to easily transact with US dollars, which were used more often than rubles because of the crisis. Since then, the company has shifted into a general-purpose e-wallet that could be used to make secure payments to merchants and services across the Internet, including online casinos.
WebMoney had over 30 million registered users as of 2016, with over 10,000 new customers signing up every day. WebMoney is accepted by over 100,000 websites.
According to the e-Finance User Index, WebMoney is the preferred payment option for nearly two-thirds of Runet (Russian Internet) users. More recently, WebMoney was also granted an FCA (Financial Conduct Authority) license, which is particularly important for casino players in the UK and Europe.
This implies they have unambiguous status as an electronic money issuer (similar to PayPal) in the United Kingdom and the rest of the European Economic Area.
This means that if a Casino accepts WebMoney payments, then basically anyone in Europe can sign up and deposit with WebMoney.
As of now, there aren’t a lot of online casinos in the UK that take payments through WebMoney, mostly because of the fact that WebMoney is mainly used in Russia. Thanks to the company’s global expansion in recent years, though, we can expect to see the list of supported UK online casinos grow. Learn more about WebMoney transfers at their website www.wmtransfer.com, and check below to see the online casinos that take WebMoney transactions.