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Digital Money World

Webmoney Reports Monster Popularity & Growth, Again

by Mark on March 15th, 2007

Webmoney has recently posted information from their 2006 annual report and it shows some amazing growth.

Number of registrations during the past year has exceeded 1.1 million — for January 1, 2007 there were 3.145 registrations in the System. Total turnover equivalent to USD, has reached 1.46 billion and has exceeded 2005’ results: WMZ — grew 2 times bigger, WMR- three times bigger, WMU — 4 times bigger. Number of transactions is more than 15 million.

Our geography: In 2006 70% of our Customers were coming from Russia, 15% — from Ukraine, 4% - from Byelorussia. Other customers were originating from Baltic states, Kazakhstan, USA, Israel and Germany.

The Number of merchants, connected to the System has grown too. During 2007 we plan to introduce more WM-Currencies and launch new project with various local and foreign project and service providers as well as cooperate with financial services and payment solutions.

I’ve posted about Webmoney before, here and here. Its a very popular digital currency. Why do I call it a digital currency and not online payment system (PayPal, Moneybookers, etc)? Webmoney must be purchased from a third party agent. Currently there are hundreds of these agents around the globe (3344 cities in 44 countries). Also Webmoney can easily be exchanged by a third party into any other digital currency such as Pecunix or e-gold. You can’t swap PayPal with any other currency.

As shown above, 70% of Webmoney’s customers still come from Russia. However, since we have recently seen such wild changes and closings in the US payment processing market I predict the next year online will create many more Western customers.

The Webmoney System has also just launched a new currency WMB — equivalent to Byelorussian Rubles. It interesting to note that the servers handling Byelorussian WM customers are conveniently located in Switzerland. WM has also just published all their protocols and APIs !

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POSTED IN: Online Currency, WebMoney

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