WebMoney is an e-wallet which can be used to make online payments. Customers can fund their WebMoney wallet via bank card, bank account, e-money or cash at kiosks. Founded in 1998 in Russia, WebMoney has become one of the leading alternative payment methods in Eastern Europe. It cites 39 m users with more than 40,000 new registrations monthly on its website.
Consumers in Eastern Europe use e-wallets to pay for almost a quarter of their online purchases. Each year, consumers in WebMoney’s core area of operations spend billions with e-commerce merchants, using alternative payment methods. And a third of these shoppers do not have a bank account — making support for cash and prepaid payment methods vital for e-commerce success.
Other e-wallets operating globally include PayPal, Skrill and ApplePay.
The benefits of supporting e-wallets
- In 2020, shoppers spent $5.5 trillion a year using e-wallets.
- But that figure is set to grow by 83% by 2025.
- E-wallets give shoppers a fast, easy way to pay online.
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