Digital Money World

WebMoney and cashU Form A New Strategic Partnership

by Mark on August 2nd, 2007

In a July 25th press release cashU, one of the largest Internet payment systems in the Middle East and Africa, announced they have now partnered with Webmoney Transfer.

From this partnership, it is now possible for anyone with a cashU card and fund their Webmoney account simply by visiting the Webmoney online interface. Webmoney is a giant in the digital currency world and popular with many local customers in Russia and the CIS countries. I often write about Webmoney (1,2,3,4,5) They recently started offering a Gold purse (WMG).

This new cashU partnership is evolving in two stages. Their recent press release explains the deal,

“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.”

Webmoney is considered a powerful consumer tool that facilitates online global commerce. CashU is known as one of the largest Internet payment solutions in the Middle East. Their payment cards allow users to shop and transfer money online without the risk of theft or fraud. CashU transactions do not reveal any personal information about the card user.

With the addition of cashU, Webmoney users who previously lacked access to online credit and banking now have a greater selection of funding options. This is especially true for users in Egypt, Jordan, Kuwait, Nigeria, Oman, Palestine, Qatar, Saudi Arabia, Sudan, Syria, UAE, even Iran and Iraq.

This new partnership between cashU and WebMoney is just one link in a long series of mutual commerce partnerships for both companies. Privately issued ‘e-currency’ is extremely flexible and now popular on a very wide global scale. Consumers wishing to shop and transfer funds online have more options today than ever before.

Yesterday, I was chatting online with Peter Darakhvelidze Director of corporate affairs from WebMoney Transfer and he shared this insight,

“From my point of view, all payment systems with irreversible transactions can be linked by gateways pretty easily, because complicated reconciliation procedures are not necessary. Gateways can be both direct or indirect (through exchangers).”

Both Webmoney and cashU offer non reversible transactions as do all digital gold currencies. Two other established Webmoney funding partnerships, paysafecard and UKash, also offer this same important feature. 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.”

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POSTED IN: Online Prepaid Cards, WebMoney