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DGC Magazine February 2009 Issue § 11
Introducing a brilliant new nancial product for theEuropean market. This is simple to use, very secureand offers merchants powerful advantages over conventional credit card services. The new instrumentis simply called the “WM note”. Don’t be confused by itsname, there is no printing required! A WM note mightalso be identied as ‘digital unit’.WM notes transactions occur through this web sitewww.Webmoney.EUI had a chance to chat with Mr. Anatoly Ostrovsky theproject manager for WebMoney.EU in Latvia. He walkedme through several transactions using the WM notesand explained in detail how their system operates.Webmoney.EU describes the notes as being, “...asingle solution for e-money payments across Europe.”The business is identied as a European e-moneysystem. E-money is an electronic surrogate of cash.Directive 2000/46/EC of the European Parliament andof the Council from September 2000 states,
“For the purposes of this Directive, electronic money can be considered an electronic surrogatefor coins and banknotes, which is stored on anelectronic device such as a chip card or computer memory and which is generally intended for the purpose of effecting electronic payments of limited amounts.” 
After reading this, some questions immediately cameto mindIs the WM note loaded onto some new type1.of plastic card or used as a digital cell phonepayment as Dave Birch may be blogging about?Or is a WM note a printed voucher like a Ukash2.receipt or one of the older EMO printed moneyorders?EXACTLY WHAT IS A WM NOTE?The WM note is a nancial product unlike any other European product....it’s not a paper voucher nor aplastic card. In my opinion, the new WM notes are ina class by themselves and for this European product,Webmoney has taken fund transfers to a new level.The WM note, is a regulated payment instrument for the European market and the issuer follows strictEU guidelines. Digitalmoney.lv is the web site whichsupports the Latvian company ELMI “Digital Money”,SIA and this company is the note issuer. Since thiscompany is Latvian, the digital units are denominatedin lats and called LVL.LV1.WHAT THIS LVL.LV1?
 
LVL.LV1 - is a code assigned to a WM Note that containse-money, issued by Digital Money, SIA. This Latviane-money institution, also known as a type of local creditinstitution, sells electronic money and guarantees theexchange of its par value.A WM NOTEWhile chatting with Anatoly, he sends me over thisnumber “4644005438:4712833400661” and explainsthat this is a test WM note for 100 lats - (about $180USD) To receive these funds from Anatoly who islocated in Latvia, I don’t need any sort of bank account,brokerage account, credit card or paper voucher... just these two numbers separated by a colon. (WMNumber:WM Note) The numbers physically identify thedigital note and there is nothing else required. Theydidn’t arrive in my registered Webmoney.EU accountbecause I don’t have one.(there is no such account,it’s not required) You don’t need any type accountto receive a WM note and the numbers could betransmitted by phone, written paper note, Internet or any other method which works. You don’t need to printa voucher to possess a WM note and it does not haveto be recorded with any outside device like a cell phoneor magnetic card, the manifestation of a note is simplythese two numbers batched together. You shouldhowever, either cut and paste those numbers to a textle, thumb drive, oppy or write them down. If you losethose numbers, the value is gone forever and cannot beretrieved. I made the goofy mistake of asking Anatolyif I lost my numbers could he retrieve them and getmy value back? Then just as my question appearedin his Skype panel, I realized the futility of askingsuch a question. How would they identify the note as
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12 § DGC Magazine February 2009 Issue
owned by me? I have no registered account, didn’tgive my name when purchasing or receiving it and theWM number which is the only identier for the note caneasily be changed in an instant. The silver lining, for me at least because I always lose stuff, is that the WMnotes have a max value of just 150euro because of EUregulations so even if your computer eats the digits,you won’t be out much.As you can tell these two numbers do not show theactual value behind the note. The long numbers couldrepresent 100 lats or just 1 lat, there is not way todiscover its value by looking at those digits. To properlyidentify the note’s value and verify its authenticity,the holder must visit, http://www.webmoney.eu -enter the big number and click the ‘Verify’ button.If the note is valid, you will see a screen saying‘Veried’ and the value of the note. These numbers“4644005438:4712833400661” have now properlybeen identied as representing a value of 100 lats. andthe note has also been veried as valid.
 
At this point if I wanted to send someone 100 lats, Iwould just get these two number to them anyway Icould: phone, email, snail mail, SMS or smoke signals.Anyway you can deliver these numbers, you havesent that person the value behind the note. Paymentis instant.
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