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Webmoney is a fascinating, intriguing and very different secure payment method system out of Russia.

Founded back in the late ‘90s and originally serving the CIS (Commonwealth of Independent States – the successor to the Soviet Union), it has since expanded to cover around 80 countries worldwide, and according to the company has some 25 m accounts!

As noted, if you are going to play at an online casino that accepts Webmoney, you need to undergo a process which is slightly different from that of many other secure providers.

So we’ll explain a bit how it works, which should forearm you sufficiently to play at a Webmoney casino online without any hitches (though of course always consult the company’s official site as well).

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So how does Webmoney work exactly?

First things first – let’s look at what this payment method is NOT. When you play at Webmoney casino sites, or indeed make payment using the service for any other purpose, you are not making a direct payment to the merchant as with a bank transfer or wire, nor are you making a credit or debit card-style transaction.

The system is much closer to that of an eWallet service like Skrill or Neteller, but with some key fundamental differences.

In effect you aren’t transferring money, but rather, virtual ‘Webmoney units’ – in this sense it is closer to Bitcoin than anything else.

What backs up a Webmoney unit will depend on the jurisdiction, and there are several types of ‘purses’ (ie. like an eWallet) that you can use depending on what currency you wish to use at a Webmoney casino.

These include US Dollars, Euros and Russian Rubles as well as less high profile currencies like Vietnamese Dongs and Belarussian Rubles.

Webmoney units are backed up by assets held by guarantors at the different jurisdictions where this payment method can be used, and when you purchase units to play at online casinos that use Webmoney you are in effect purchasing individual property rights for part of those assets held by the Guarantors.

The actual process of signing up and purchasing units is quick and easy. No bank account is needed and signing up is free, as is making withdrawals (there is a small fee of less than 1% for making payment to other Webmoney accounts or merchants using the system).

When it comes to making a deposit, you simply deposit by money order, wire transfer, or a conversion from e-currencies including Bitcoin. There are also prepaid Webmoney cards available to load up your account.

But what are the advantages to using the Webmoney payment system?

Well, the main thing casinos online that accept Webmoney have going for them is that, in addition to being simple to set up, using this payment method does not leave a ‘paper trail’ in the wake of your transaction and thus is relatively anonymous.

This suits some players but not others – each to his or her own of course.

Some Webmoney casinos may offer a bonus for using Webmoney as a payment method, so it is also worth keeping an eye out for these as they can give you free spins or even free money to play with and other goodies.

It’s a highly secure system, with each purse assigned a 12-digit PIN number, and the actual user interface comes in several versions that you can use, including a Java-compatible mobile package so you can make payment even whilst on the hoof.

And we expect that, since not only Webmoney, but the Russian-oriented online gaming market as a whole is continuing to grow, there be more Webmoney online casinos and also more products offered by the company to make your gaming life easier and more enjoyable.

They also have a social media-compatible version of the product.

If you want more information, remember to bookmark our page or sign up to our email alert for 7-day-a-week news on all aspects of the online gaming industry, be it about a new Webmoney online casino or anything else!



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