Webmoney's Inside Man - Q & A with Peter Darakhvelidze

WebMoney is a powerful online payment tool. The proprietary client software enables Internet users to conduct real time secure transactions using multi currency WebMoney units (WM-units). This 'WM Keeper' software provides users direct digital money access and allow users to manage their accounts from anywhere in the world.

The Webmoney Transfer system has been widely used since 1998 and provides online payments and shopping for millions of digital money users. In 2006 the Webmoney Transfer system executed over $1.45 Billion dollars in customer transactions. You won't need a bank account or a credit card to open an account with WebMoney Transfer plus registration is fast & free.

Today I am interviewing Peter Darakhvelidze Chief of Public Affairs from WebMoney Transfer.

Q) How long has Webmoney Transfer been in operation on the Internet?

Since November 1998

(Q) What areas of Webmoney online commerce has shown the most growth and popularity in recent years?

Gambling, online games (MMORPG at first), FOREX, internet services (hosting, domains etc.) Also you use WebMoney and pay almost all MNO, ISP, IP telephony providers and even utility bills in countries of ex-USSR.

(Q) How many users does the Webmoney system currently have?

At this moment we have 3.58 million registered users. The active body of our auditorium amounts to 600,000 users.

(Q) Webmoney Transfer offers multiple - currency equivalent user purses including WMZ (US Dollar), WMR (Russian Rouble), WME (Euro), WMY (Uzbek), WMU (Ukrainian Hryvna) and WMB (Belorussian Roubles). Is it possible using the Keeper software for account holders to simply move funds back and forth between these different currency purses?

All mentioned currencies are independent from each other; that is the guarantor behind each currency is a small and separate "central bank". You can exchange one type of unit to another using a specially designated tool, designed as a bourse / exchange, where the exchange rate is established based on parity call-demand ratios. From one side, the Guarantors are involved in backing-up and trading the currency at the exchange. From another side, the exchange rate between WMZ and WMR at our exchanger is 3% higher than a real, "live" rate. And we are not going interfere into this layout, this is a market prerogative. [the system functions by market demand]

(Q) The independent agents transacting in Webmoney, are they required to keep their fees and exchange rates at a certain level? Can the agents charge what they desire for transactions in Webmoney?

Yes, all agents are absolutely independent businesses and all fees are up to them. We have been in business now for over than 8 years and competition between agents has eliminated from the market those who kept their rates too high.

(Q) What are the 3 most popular methods to ways to add funds to a WM purses?

Historically prepaid cards were the most popular, but now cash-in machines even outpaced the prepaid cards. Of course, bank wires, Western Union-like systems and postal orders are also popular.

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