WebMoney is an electronic money and online payment system (transactions are conducted through WebMoney Transfer). WM Transfer Ltd, the owner and administrator of WebMoney Transfer Online Payment System, was founded in 1998 and is a legal corporate entity of Belize. Originally targeted mainly at Russian clients, it is now used worldwide.
Every WebMoney account is known as a 'purse'. These 'purses' are run in Gold-equivalents (WMG), US Dollar-equivalents (WMZ), ruble-equivalents (WMR), Belarusian ruble-equivalents (WMB), euro-equivalents (WME) or hryvnia-equivalents (WMU). From May 31, 2011 system supports Vietnamese đồng-equivalents (WMV), but only through a mobile phone interface.
The concept sounds complicated because it is unusual but becomes pretty easy to grasp and is popular with more than 11 million users worldwide.