PayPal and WebMoney are both payment services. Both services offer an alternative payment method for online transactions.
These two services are similar, but there are several differences. These services are owned by different companies in different states with other features. Read the article to know the differences.
Key Takeaways
- WebMoney is an online payment system popular in Russia and Eastern Europe; PayPal is a global online payment platform.
- WebMoney uses a unique purse system for different currencies; PayPal allows multiple currency transactions within one account.
- WebMoney requires account verification for all transactions; PayPal has more flexible account verification options.
WebMoney vs PayPal
The difference between WebMoney and Paypal is security and convenience. WebMoney is a faster and safer option than Paypal. Paypal is quick but is not considered that much secure. WebMoney is allowed almost everywhere, while you can’t accept payments from individuals from countries that have banned PayPal.
A WebMoney transfer is a multifunctional payment instrument that uses an individual interface. A WebMoney transfer system is a great way to make one payment.
There are 41 million registered accounts with Webmoney and 100000 stores accepting payments via the platform.
PayPal is the best choice for online businesses regarding ease of use. They offer faster payment processing, a secure environment, and a variety of options for e-commerce.
PayPal allows you to send money quickly, but it can be more difficult for small businesses. Though PayPal is known worldwide and is used widely.
Comparison Table
| Parameters of Comparison | WebMoney | Paypal |
|---|---|---|
| What is it? | An e-wallet that is used to transfer money. | An online platform to make online transactions. |
| WebMoney is more prevalent in Russia. | November 1998 | December 1998 |
| Owner? | WM Transfer Ltd. | PayPal Holdings, Inc. |
| Known in | WebMoney is more popular in Russia. | Paypal is known worldwide. |
| Website | wmtransfer.com | www.paypal.com |
What is WebMoney?
WebMoney, a web-based money transfer service, is an easy and convenient way to send and receive money. This service uses a 12-digit personal ID number as a login.
Anyone can create a WebMoney Account. In addition to making payments, the service enables users to view and report fraudulent activity.
Users can create as many wallets and WMIDs as they want with one WMID.
First of all, you’ll need to register for a WebMoney account. To sign up for a free account, go to the webmoney.org website and log in with your Gmail account.
You will receive an email with your account information in a few minutes. You’ll need to save the WMID code and your account ID code.
The WMID code is your account ID code. Once it’s saved, you can send and receive money as usual. You can also view your wallets to view the funds you have received.
WebMoney offers a complete feature set. It provides payment features such as bill paying, top-up, and withdrawal.
It also has business features, such as accepting payments and managing your work. It is a secure and fast way to make online transactions.
What is PayPal?
PayPal is a financial technology company owned by PayPal Holdings, Inc., which operates an online payment system in most countries.
It’s a digital alternative to the paper method many businesses still use today. PayPal is used worldwide to make online payments and purchases.
PayPal was established in 1998 and has become the world’s largest online payment service. It is a digital wallet that stores buyer and seller’s credit card and bank account information.
Since then, it has added features, such as e-commerce perks and wire transfer services through Xoom. PayPal was once primarily known as a payment system for eBay.
It has since expanded to hundreds of other countries and has millions of users.
PayPal offers more security features, making it an excellent choice for online businesses. While it’s not the fastest option for small-scale businesses, it’s still more secure than paper-based methods.
PayPal allows you to make unlimited transactions. PayPal does not require you to have a merchant account. However, you can create one with the company. PayPal has its advantages and disadvantages.
It’s the best choice for online businesses vulnerable to data theft. It’s not the best choice for small businesses.
In addition to the usual credit card, PayPal offers a broader range of payment methods. It can be used to make international payments and purchases from other countries.
It is an excellent choice for international payments.
Main Differences Between WebMoney And PayPal
- WebMoney is more secure than Paypal.
- WebMoney has better coverage in a broader range of website categories. Webmoney is known more in Russia. Paypal is more known worldwide and is widely used.
- Webmoney is a faster way to receive payments and set up a merchant account than Paypal.
- WebMoney’s fees are lower than PayPal’s. They rarely exceed 0.7%.
- WebMoney does not support the feature of chargeback. On the other hand, Paypal supports this feature.
- https://link.springer.com/chapter/10.1057/978-1-137-56870-0_10
- https://link.springer.com/chapter/10.1007/978-1-4302-0353-7_1
Last Updated : 13 July, 2023
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Chara Yadav holds MBA in Finance. Her goal is to simplify finance-related topics. She has worked in finance for about 25 years. She has held multiple finance and banking classes for business schools and communities. Read more at her bio page.
I am not convinced by the safety of WebMoney
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