Friday, 2 November 2007

WebMoney and cashU announce strategic partnership

cashU - the largest Internet payment system in the Middle East and Africa has partnered with WebMoney, a leading electronic money and online payment system in Russia and CIS countries. 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.

Both WebMoney and cashU provide online payment services to people who lack access to online credit, as these users often do not have bank accounts or credit cards. Incepted in 1998, WebMoney has a formidable presence in Russia and CIS and a worldwide user base of almost four million accounts and over 2 500 merchants. In 2006,
WebMoney achieved a transaction volume of $1.45 Billion dollars. cashU’s partnership with WebMoney is one in a series of partnerships for both the companies, who see the benefit of having a flexible e-currency exchange system.

WebMoney’s secure client software – WM Keeper helps users handle a multi-currency portfolio and provides the means to carry out transfers and shop online. Funds can be deposited into or withdrawn from WebMoney accounts by money order, prepaid cards and vouchers, wire transfer, by conversion from other electronic currencies, or by cash transactions at authorized exchange offices.

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.”

According to Peter Darakhvelidze Director of corporate affairs from WebMoney Transfer, the partnership with cashU will enable previously excluded communities to benefit from ecommerce: “Internet has no geographical borders. We always look forward to opening of new markets and perspectives. We are happy to share our experience, views and technologies with new partners.”

cashU addresses the need for an internet payment solution, in markets and demographics where credit cards are not very prevalent. cashU’s prepaid card system enables minors to access and purchase online products and services anywhere on the Internet safely and without worries.

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