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DGC Magazine
Part Deux - October 2009
“Paper is poverty....it is only the ghost of money, and not money itself.” - Thomas Jefferson 1788
Russia’s BrilliantOnline Payment System
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8 § DGC Magazine October 2009 Webmoney Special Issue
 
One of several Webmoney Transfer ofces in Moscow
 
DGC Magazine October 2009 Webmoney Special Issue § 9
In early September of this year, Webmoney Transfer was kind enough to host me for a three day visit totheir Moscow operation. During this visit I met with
management, toured their ofces, worked with their 
software and even had a sneak peak at some at someof their partner’s high tech hardware. I was veryimpressed with their business.Around the world there are some brilliant peoplecreating online payment products for tomorrow’sconsumer. These Internet visionaries analyze the
everyday nancial issues we all face then create
convenient solutions which make our world runsmoother. Webmoney Transfer in Moscow, Russiaengages a small army of these bright young minds.Webmoney Transfer is a family of products created by knowledgeable professionals with backgrounds inthe daily business practices of Russian consumers.The operation and the regulatory framework for this dynasty started in Russia and are based onthe changing Russian economic model. When the
company rst began operations in 1998, the Internet
was brand new, cell phones were very expensive& the “Internet payments” industry was still in
diapers. The April ‘98 Time Magazine cover story
was asking, “The Future of Money...are banks reallynecessary?”Although during the past decade Webmoney has beenrapidly expanding around the world, a large segmentof their products and services still cater to localRussian consumers and a majority of their customersreside in that part of the world.If you have never been to Russia it is impossibleto comprehend the many non bank local paymentsolutions offered by Webmoney. The company’ssoftware provides a wide variety of solutions thatseem permanently integrated into everyday Russianlife.
Over the past 5-10 years, detailed information about
the Webmoney business, for any English speaking person, has been somewhat limited. It was veryenlightening to visit Moscow and see the system froma local point of view. As a non Russian person, if you tour their English language web sitehttp://www.wmtransfer.comthe information you learn online isonly a small slice of the total company’s operation.
“If the Internet payments business was a game of chess, Webmoney Transfer would always be6 moves ahead” 
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