How to Verify your Webmoney Account via SMS Text Message

I’d previously blogged about the Webmoney payment system in two articles detailing their services and announcing the fact they now have a “Gold Based” version of their Webmoney purse available. You can read those articles from the links at he end of this post. I’ve clearly stated my positive opinion of the Russian based Webmoney. At the moment, Webmoney seems to be the most promising payment processor next to V-Money. Their security is unparalelled and includes a complete software based solution to access your account or you can access your account through the X.509 root certificate based web interface. The ease of use globally makes Webmoney a true contender. The fact it is not located in the United States yet their customer support is absolutely exceptional is just one example of why Webmoney is “superior money”.

Potential Webmoney users and/or merchants will have to be aware that Webmoney requires verification of your account either through their WM Passport system or by sending an SMS Text Message from your cellphone. The WM Passport service had previously been available only in Russian language on the website but I just checked their site before writing this post and I was amazed to see the WM Passport is now available in English language as well.

In my case, I chose to activate by SMS on my handset but I was having a problem dialing the Russian phone number that I was supposed to send the SMS to. The phone number was shown as follow…

+7 (916) 805-46-12

Well, I’m not used to dialing international numbers but I tried about three text messages (to 79168054612) and none of them seemed to be getting through. I decided to try to just dial that number and see if it was in service and if I was connecting. That’s when I figured out that if you are dialing on a US based handset you have to dial the plus sign in the number. Well, I have one Samsung handset with T-Mobile for my personal use and a Motorola handset with Verizon for my business use. I was perplexed with both handsets as to how you get the plus sign in the number. I’m no stranger to text messages, but this one had me stumped. Well, I logged into my Verizon account and found out I’d have to add another monthy charge and change my service plan to be able to send an international text message. Ok, Verizon was out, so I just dialed support on my T-Mobile phone (I love T-Mobile dial 611 for support), anyway, I got a very friendly support person that let me know that T-Mobile allows any account to send international SMS messges for .20 per message. He also told me to dial the plus sign, on almost any handset, all you have to do is hold down the number “0″ until the plus sign appears. Armed with that information, I had my webmoney account verified in 5 minutes. Awesome service by both T-Mobile and Webmoney!!!

To open a Webmoney account and have a look for yourself, their site is available at the link below…
http://www.wmtransfer.com/

Opening an account is free of charge rest assured, Webmoney is worth a look just to see all of the features they offer. Plus, they show their daily stats on their front page, and today’s were rather interesting…

Total registrations in WebMoney Transfer: 4 094 626.
15-09-2007: 73337 transactions, turnover 3 535 391 USD,
3796 new registrations.

Seems like quite a few people are opening Webmoney account these days. As a footnote, I assume most of the people reading this post are aeware that Webmoney now offers a “gold backed” purse called Webmoney G. Thumbs up !! Below are two of my previous articles on Webmoney.

Webmoney E-Currency Review

About Webmoney

Webmoney is an electronic money and online payment system with similarity to Paypal, E-Gold, Pecunix, E-Bullion and other E-Currency services. It provides a fast and somewhat anonymous payment system however the registration process requires email verification and account holders are encouraged to verify themselves further through sending an SMS message from their cellphone making it more strict than E-Gold for opening and using an account. WM verification gives the following advantages: private key file retrieval if you have lost control over your WMID; complaint to the Arbitration service; credit activities; access to online services, Internet exchanges, information resources requiring personal client identification. Verified users can issue trust certificates to other users and take fees for the service. Any user can become a verified Register. Verified Registers can verify other WebMoney users.

Transactions are conducted through the WMTransfer software which comes in three distinct flavours :

• WM Keeper Classic - A standalone application, that is dowloaded and then installed onto your PC.


• WM Keeper Light — A secure browser based application that doesn’t require installation of client software onto a user’s PC.


• Telepat — A technology enabling the operation of an account via any mobile device or cell phone, that supports Java.

WM Transfer Ltd, the owner and administrator of WebMoney Transfer Online Payment System, was founded in 1998 and is a legal corporate entity of Belize, Central America. Originally targeted at Russian consumers and businesses, Webmoney is now in use worldwide and the company claims to have more than 3.7 million account holders. According to the stats on the website, Webmoney executed over 75,000 transactions worth over 10 Million dollars on this day alone. The main address for technical support is given in Moscow; the main proprietor and administrator is located in Belize. Transactions in WMR are underwritten by WMR LLC in Moscow and transactions in WME and WMZ are underwritten by Amstar Holdings Limited in Panama.

The System supports several types of e-currency, secured by various resources and tangibles. Each individual e-currency has a dedicated electronic wallet, called a Purse:

+ WMR — equivalent to RUR (R-Purse)

+ WMZ — equivalent to USD (Z-Purse)

+ WME — equivalent to EUR (E-Purse)

+ WMU — equivalent to UAH (U-Purse)

+ WMB — equivalent to Belorussian Roubles (B-Purse)

+ WMY - equivalent to Uzbek Sum (Y-Purse)

+ WM-C and WM-D — WMZ equivalent for transactions on Ñ- and D-purses

WebMoney transactions are inherently safe because they do not require credit card or bank account information to be stored in the system unlike Paypal which is well known for it’s problems with phishing schemes. Webmoney makes online businesses immune to certain scams because transactions are final and cannot be repudiated by the spender which is similar to e-gold or cash transactions but unlike credit card transactions and PayPal which can incur chargebacks.

WebMoney incorporates an instant messaging system as well as a way to send out bills and to extend credit. It is also possible to protect a payment with a password. The payment is withdrawn from the payer’s account and added to the payee’s account, but cannot be redeemed unless the password is known. The payer will typically provide the password once the promised goods have been delivered. Some operations require a higher level of user authentication known as a “WM Passport” which a user can obtain from authorized parties.

It is not possible to buy WM units online with a credit card or a Paypal account. A Webmoney purse can be funded by a bank wire, by receiving funds from other account holders, by issuing invoices, by a prepaid WM-Card or through a E-Currency exchanger.

My Opinions on Webmoney as an Online Business Owner

I’ve had my Webmoney account for a few months now because my loadable debit card provider, GoldEx, accepts Webmoney as a funding option, so I decided to give it a try as an option for accepting payment for services. I run a web-hosting service, a few internet directories and several sites that accept advertising such as this one (Code4Gold). I DO NOT accept Paypal under any circumstances due to the fact they have a nasty habit of freezing people’s accounts for 180 days for no reason at all and they will not offer an explaination why your account was frozen. I had $2300 in my Paypal account from a guitar I sold on E-Bay and the transaction was fine, both myself and the buyer were very happy, however when I logged into my Paypal account one day, my funds had been frozen. I was a Paypal account holder for 7 years with the debit card, over 700 verified transactions and not a single negative feedback on E-Bay. I eventually had to sue Paypal to get my money back and they graciously allowed me to keep my account which I refuse to use even though I know it costs me sales. Beside having a standard “Internet Merchant Account” through CardServices International for processing credit cards, I also prefer to accept as many usable payment options because the more payment options you present a consumer the more likely you are to make a sale. Considering Webmoney claims to have over 3 Million account holders, I figured it would be a good idea to try and tap into some of that market.

My Opinions on Webmoney’s Design and Implementation

As many of you readers know, I am a software developer by trade and have worked on high level projects so I’m quite critical of design and form versus function. If you don’t believe me, you should read my scathing Agloco Toolbar Review… In my opinion, Webmoney has one of the cleanest, simplest, well designed, professional, elegant and secure systems I’ve ever used. I absolutely love the fact that you can choose your authorization mode from X.509 Certificate, E-num authorization or simple Login and Password. The X.509 Certificate is my method of choice because it is possibly one of the most secure and simple methods of logging in to an account.

Making spends from Webmoney is a simple process and setting up the merchant’s interface to accept payments is similar to setting up a Paypal or E-Gold merchant transaction. The only exception is that Webmoney’s merchant interface is a developer’s dream come true in it’s configurability and in regards to the data that is returned to the merchant to verify a successful payment.

The more I work with the Webmoney interface and the merchant’s interface, the more I come to respect the incredible attention to detail the creators of this system have applied to constructing the perfect online payment system.

To open a Webmoney account and have alook for yourself, their site is available at the link below…

http://www.wmtransfer.com/

Opening an account is free of charge.

I would also sincerely appreciate any comments from other Webmoney account holders regarding your experience with them.

WebMoney and cashU announce strategic partnership

cashU - the largest Internet payment system in the Middle East and Africa has partnered with WebMoney, a leading electronic money and online payment system in Russia and CIS countries. In the first stage of this partnership, cashU prepaid cards, which are available in over 20 countries in the Middle East can now be used to top up WebMoney accounts. In the coming months, cashU will allow WebMoney’s user base to top up their cashU accounts, which they can then use to access cashU’s international merchant base.

Both WebMoney and cashU provide online payment services to people who lack access to online credit, as these users often do not have bank accounts or credit cards. Incepted in 1998, WebMoney has a formidable presence in Russia and CIS and a worldwide user base of almost four million accounts and over 2 500 merchants. In 2006,
WebMoney achieved a transaction volume of $1.45 Billion dollars. cashU’s partnership with WebMoney is one in a series of partnerships for both the companies, who see the benefit of having a flexible e-currency exchange system.

WebMoney’s secure client software – WM Keeper helps users handle a multi-currency portfolio and provides the means to carry out transfers and shop online. Funds can be deposited into or withdrawn from WebMoney accounts by money order, prepaid cards and vouchers, wire transfer, by conversion from other electronic currencies, or by cash transactions at authorized exchange offices.

Commenting on the partnership, Martin Waldenström, General Manager, cashU said, “E-currencies have a great potential in emerging markets, and it’s exciting to share with vision with other online payment systems, who believe in facilitating cross functionality and flexible exchange of funds. In time, we would like to partner with other leading e-currencies in markets that are outside of our geographical expertise.”

According to Peter Darakhvelidze Director of corporate affairs from WebMoney Transfer, the partnership with cashU will enable previously excluded communities to benefit from ecommerce: “Internet has no geographical borders. We always look forward to opening of new markets and perspectives. We are happy to share our experience, views and technologies with new partners.”

cashU addresses the need for an internet payment solution, in markets and demographics where credit cards are not very prevalent. cashU’s prepaid card system enables minors to access and purchase online products and services anywhere on the Internet safely and without worries.

Webmoney Goes Gold

Webmoney has recently announced a new “Gold Based” currency added to their existing payment processor system. The new “purse” is a gold based currency and functions as a bridge between Webmoney’s operations as a payment processor, money transmitter and now a digital gold currency (DGC).

From the news on their site…

On the 20 July 2007 WebMoney Transfer System has launched a new type of purse - WMG or WebMoney Gold. This is an approved way of internet payments that has won international popularity. Funds on these purses are backed by gold bullions of 995 standard (purity of 99.5 %). UAE company WM Metals FZE acts as a Guarantor for WMGold. In this case system’s Guarantor (on the agreement with a certified company-storage) also provides gold bullions safety. WebMoney Gold purchase can be made directly by a bank wire using services of metdeal.com site or by WebMoney exchanger wm.exchanger.ru and very soon it will be possible to buy gold via authorized e-currency exchange services. Currency rates inside the System will remain on the same exchange mode as before. So the price for a WMGold unit will be fluctuated in each time period according to demand and supply of the System members, the same as with an exchange rate of other currency equivalents - WMZ, WME, WMR and others.

I personally can’t say enough about the strength of Webmoney and that this addition of a DGC to their system only goes to further broaden their operations. Webmoney is one of my personal favorite digital currencies. For more information on Webmoney, please see….

C-Gold : New Gold Based E-Currency or Hoax ?

I’d recently been made aware of a new E-Gold clone called C-Gold. The website is a dead ringer ripoff of E-Gold’s website, right down to the copy and pasted text. The owners of C-Gold claim that their payment processor is backed by gold, much as E-Gold or Pecunix are. That’s not in dispute because they actually have provided a tiny bit of transparency in allowing users to see where and how much bullion they have in storage. They have also openly stated the business is located outside of the United States in the Republic of the Seychelles with their main headquarters located in Penang, Malaysia. Both details do check out and the servers are not located inside the United States as well.

The thing that has me the most worried about C-Gold is that one of their operatives, a person who uses the name “Robert” has been a busy little beaver making posts such as the one below at TalkGold fourms which is a well known haven for scammers and run by scammers who are believed to be involved in operating several former ponzi schemes (as well as a new one that is just being launched). Talkgold forum is also rumoured to have ties to the underground crime organization ShadowCrew which was taken down by the Secret Service in 2004. My uneasiness comes from the fact, why would an honest, reputable payment processor bother to waste the time to have one of their founders or operatives post at a forum such as Talkgold. Regardless of the indictment against E-Gold, nobody ever saw the owners of E-gold, Dr. Douglas Jackson or Barry Downey ever, ever posting at a forum such as Talkgold. That forum exists only as a purveyor of ponzi and pyramid schemes, so it’s no suprise it gets my radar going when I see posts such as this one…

To avoid neverending discussions and speculations, here is how the management of Private Gold Equities Exchange Limited and thus of c-gold.com views Investment programs and games, etc.: (1) No Ponzis, Pyramid schemes, etc. (2) Investment programs that have merit and a certain probability of success are accepted, if - - they involve a plausible business concept - do not depend on indefinite new funding to achieve their business objectives - clearly state what the money is being used for, how expected profits are generated and what the fees are - clearly define the risk to all users and make sure that users are reasonably aware of them before investing (small print in TOS doesn’t fullfill that requirement). (3) No Games of Chance, ie. no gambling, unless the operation is licensed in the location of residence to operate online gaming sites, AND takes reasonable measures to ensure that people whose jurisdictions of residence forbid them in gambling online can not access the site. In other words, legitimate casinos are fine, as long as they screen their users and block those that shouldn’t be there. (4) We will generally tolerate private membership clubs, as long as they do not break the laws of the jurisdictions their members reside in. This does include investment clubs, savings associations, etc. (5) We will not tolerate fraud and con artists. Justified complaints will get accounts suspended and reinstatement will only be done after the complaint is settled. However, the decission of what constitutes a justified complaint is ours, and ours alone. We will typically take the side of the merchant when justification is in doubt. Third party arbitration is strongly encouraged for all disputes. A personal comment regarding the above is that after all these years in Asia, more than half my life, to be exact, I am well aware of amazing business opportunities and that smart operators could well command margins of several 100% in their business, if they had the money. I also realize that in many locations such operators couldn’t get traditional funding or financing, simply because of the way things work there. That is why c-gold.com will outright disallow all types of investments, as that would be very much in contradiction of our stong beliefs in the merits of capitalism. However, outfits that offer 50% a day, or even 500% per month and don’t have a clear and plausible way to achieve these returns, need not apply. If they have a clear and plausible way to make 500% per month, I’ll buy them out myself, on the spot ;o) Cheers, Robert. __________________ http://www.cyfrocash.com/v05/images/cf.gif PRIVACY DOMAIN & WEBSITE HOSTING PRIVACY & BUDGET DOMAIN NAME REGISTRATIONS Reply With Quote

It is to be noted that Andy, the scammer behind XLO/TFT/XLOTwo and CyberspaceAtm has registered his domains through these people, so if thery really were against fraud, why don’t they start by removing their anonymous domain registration and hosting services that are used by ponzi and pyramid scheme operators ?

Again, when I read the post above, something just does not sit right with me. Possibly I’ve read far too many updates from autosurf and hyip admins or too many updates from payment processors that went *poof* but either way, this guy Robert’s posts smack of all the phoniness, lies, dishonesty and general bulls*it that we’ve all heard over and over again for years since we stumbled eyes wide open into this den of iniquities. The more you hear, the less believable it all becomes and eventually one can’t help but become eternally jaded to these type of diatribes, causing one to put on your armour, pick up a sword and a shield and start defending yourself against the con artists and lowlifes.

Long and short of it: Would I use C-Gold? Hell no. With all the other gold based processors out there, I don’t know why anybody would fall for a processor that sends their people into Talkgold forums to drum up business or to post their TOS.

Big thumbs down on this one.

How To Protect Your Digital Currency Account Value…USD, EURO, Gold ?

The US Dollar has been dropping like a rock lately and this has many online financial services looking for safer options.

Even online poker networks are moving away from US Dollar accounts in favor of the Euro. This should be no big surprise for anyone since the UEIGA prohibits play and US gamblers are no longer a ‘target market’. However, when you read the poker network’s reasoning for dropping the dollar, they don’t even mention of the new laws. It seems their actions are mostly due to, “…a possible response to the devaluation of the US Dollar” or “…limit their[customers] exposure to currency exchange fluctuations.” *Gamingintelligencegroup.com

Do you want to help preserve the purchasing power of your online funds?

If your answer is YES, then your best bet might be to move those online funds into a gold backed digital currency account like Pecunix, Webmoney Gold (WMG), C-gold or even GoldMoney. Gold has for thousands of years been a safe store of value.

However, if digital gold currency is not a possibility at this point in time, you may want to switch your current account(s) to a non-USD denominated option like the Euro. Accounts held in Euros, or another strong global currency, can help protect your online purchasing power from a falling US Dollar. Since most digital money accounts are backed by national currencies, the option you choose can have a dramatic effect on the purchasing power of your balance over time.

When offered different currency options, which do you select and why?

PayPal offers multiple options from a list of 16 national currencies. You can toggle one or several national currencies to hold your PayPal balance(s). In all PayPal accounts, the Manage Currency table displays the currencies in which you can maintain a balance. One convenient option PayPal allows is a quick currency conversion. From their selection page in your account, you have the option of converting funds from one currency balance into another.

Moneybookers allows new account holders to select their primary account currency at the time of opening the account. Again, you may want to look at the Euro or another strong currency such as the CAD or AUD and right now avoid a USD backed account. About a year ago [Oct] if you wanted to convert US Dollars to Euros, one Euro would have cost you about $1.25 USD and today that same Euro will cost you about $1.40 USD.

The Euro and the Canadian dollar are both at all time highs against the US Dollar. This fact is easy to recognize from all the Canadian shoppers pouring across the border into the US on extended shopping trips for merchandise and real estate!

While your funds are on deposit in a Digital Gold Currency account, the balance is in denominated in gold and not currency. Consequently if you read the balance on a GoldMoney account, you will see those number as gold grams or Troy ounces. A Pecunix balance of 2, does not mean 2$ it usually means 2 gold grams (about $48).

In the second part of this series I’ll take a closer look at how why a gold balance is a very good thing in today’s world.

DigitalMoneyWorld