WebMoney introduces new WMP wallets and changes the rules of the game

On July 10, 2019, users of the WebMoney system received a message from the system that informs users about a change in the legal model of the WebMoney Transfer systems regarding WMR property rights.

Many users have questions about this news, the forums discuss the mean answers of the system support service, the main content of which is the recommendation to follow the news.

The news itself can be divided into four points.

Paragraph 1

“From August 1, 2019, WebMoney Transfer system introduces P-wallets, which will display the volume of electronic cash in Russian rubles (WMP - electronic cash in Russian rubles) accounted for by KKB Bank JSC in accordance with the Rules .”

Comment

Starting August 1, 2019, new P (WMP) wallets will be introduced, the balance of which will correspond to the Russian ruble and act in accordance with the rules for electronic money transfer of BANK KKB JSC. The link posted in the news leads to the rules introduced from May 28, 2019, they will be valid until July 31, 2019. The website of BANK “KKB” JSC has posted tariffs, a memo and rules that will be effective from August 1, 2019 and are available for download here https://kkb.ru/page/doc-electronic-money .

The procedure for concluding a contract is specified in the new rules in clause 3.1.

The rules contain information on future work rules of interest to non-residents. Such operations will be governed by clauses 2.1.11, 2.1.12 and other rules effective from August 1, 2019. Currency control will apply to transactions between residents and non-residents.

From paragraph 3.2.2 it follows that the limit of 600 thousand rubles will also apply to transactions and wallets in foreign currency:

3.2.2. The use of the Personalized Electronic Means of Payment is carried out by the Customer - an individual in the event that the Operator carries out its Identification, provided that the balance of Electronic Money at any time does not exceed 600 (six hundred) thousand rubles or an amount in foreign currency equivalent to 600 (six hundred) thousand rubles official rate of the Bank of Russia. ”

Point 2

The P-wallet will be provided automatically on the basis of a public offer on the provision of information and technological services when using the WebMoney Transfer system using P type details and replenished by the amount available to the participant of the E-system (R-wallet) by transferring the E-signature to the e-signifier to the EEP provider (VMP LLC) for payments from 01/08/2019 to 01/01/2019. At the same time, from August 1, 2019, registration of new R-wallets will be terminated, and existing R-wallets will be transferred to the archive when the zero balance is reached (the transaction report for them will be available in the report.webmoney.ru reporting service ).

Comment

From the Agreement published by reference, it follows that in fact the WebMoney system provides software and technical services, and all operations carried out with P-type wallets will have a real reflection in the form of banking operations between the accounts of persons performing these operations, this circumstance follows from the provisions of clauses 6.5, 6.6 , 6.7 and 7.3.

The agreement will be accepted by the client of the system at the time of assigning the requisite P to him, that is, creating a WMP wallet.

The second part of the first sentence states that a type P wallet will be replenished by the amount of funds available to a participant on a WMR wallet from August 01, 2019 to September 01, 2019. It follows from the text that it will be carried out automatically in the indicated time period, which is so it also finds confirmation in the text of the news posted on the English version of the WebMoney website At the moment, the exchange of title units (WM purses) is carried out by the methods described on the Exchange of title units page, and Point 3 and Point 4 of the news give reason to that, in addition to automatic translation, the user will have the opportunity to independently transfer from WMR to WMP, under the conditions described in the indicated paragraphs.

The second sentence of the paragraph indicates that starting from August 1, WMR wallets will be unavailable for registration, and existing WMR wallets will be transferred to the “archive” when the zero balance is reached. You should save the history of operations on R-wallets until the expected date of moving the wallet to the archive, if necessary.

Point 3

In the transition period from August 1 to October 1, 2019 (inclusive) for R-wallets with a non-zero balance, the ability to withdraw funds using the usual methods by link will remain. An additional method of withdrawing funds from R-wallets without charging a fee to P-wallets by transferring funds, provided that such a wallet was opened through standard system interfaces, will appear in the same period of time.

Comments

In the specified period of time, for WMR wallets, output will be available in the usual way or transfer to a WMP wallet. It should be noted that without commission fees, transfers to P wallets from purses of type R will be available, provided that the wallet P has been opened through the standard interfaces of the System. At the moment, standard interfaces allow you to create wallets, this clarification does not clarify, since the author of this article is not familiar with standard methods for creating wallets.

Point 4

After October 1, 2019, funds from R-wallets can be withdrawn exclusively to a ruble bank account specified by a member of the WebMoney Transfer system, and only in the only way - by presenting an electronic signature (WMR) for payment at JSC Network Settlement Chamber in the manner prescribed by law in the manner specified by link , pilot passage full identification procedure in accordance with Federal law 7 August 2001 goda № 115-FL "on Anti (laundering) laundering, and inansirovaniyu terrorism. "

Comment

After October 1, 2019, to withdraw funds from WMR wallets, it will only be possible to transfer to a bank account through the system of JSC NC “Settlement Settlement Chamber” (NPO PSA) and the mandatory passage of full identification, which will be carried out in accordance with the current legislation of the Russian Federation and implies the personal appearance of the owner of R - a wallet to the office of an NPO PSA or its representative. Without such identification, neither payment nor return of the check is possible.

Checks will be accepted with a face value of at least 60,000 rubles and checks can be presented only from R-wallets created before July 1, 2019. The tariff for the service is 1%, this commission will be deducted from the transfer amount.

findings

The general thrust of WebMoney policy is the need to ensure the operation of services and to follow changes in legislation, to respond to the needs for system services presented by users of electronic payment systems. WebMoney seeks to provide an opportunity for more people to use the system, for this the system should fit into the current situation on the market of electronic payment systems and meet all modern requirements. Other payment systems QIWI, PayPal, Yandex.Money and others are in exactly the same situation. The WebMoney system has increased requirements from its participants, since the WebMoney identification procedure allows you to provide guarantees for transactions. The complexity of the work and the need for a detailed study of the system reduces the number of users who can use its capabilities regularly. From these innovations it follows that the system is developing, it is changing, not always these changes can be accepted by users without trepidation.

The introduced changes will be the standard of work for new users of the system, most likely their number may increase in the foreseeable future. For users who register before July 1, 2019, these changes may be necessary to adjust their activities related to the use of this payment system.

I recommend that all WMT participants be required to familiarize themselves with the tariffs and rules posted on the link .