WebMoney is an online payment settlement system established in Russia in 1998. It is one of the largest electronic payments processors in Russia by number of users. WebMoney users' funds are stored in a "purse", which holds electronic money corresponding to an underlying asset, such as fiat currency. The underlying assets for WebMoney units are held by a global network of companies that act as guarantors for the payment system. Guarantors accept deposits in the underlying assets and issue the corresponding WebMoney units. WebMoney Transfer can be used for peer-to-peer payments, and includes an escrow system. The platform also allows to purchase Bitcoin.
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