PayPal and WebMoney
January 19th, 2008 at 4:37 pm (Uncategorized, Internet Banking)
Everybody knows that payments and money can be transferred through the Internet. This is like an electronic substitute for traditional paper methods such as cheques and money orders, which waste so much our precious time. And there are such e-commerce businesses that perform this function of servicing the money transfers. They allow the users to send, receive and hold money in many different currencies all over the world. Among this companies are PayPal and WebMoney.
PayPal. PayPal is a wholly owned subsidiary of eBay. The company processes the payments of on-line vendors and different auctions. For this service PayPal charges a fee. The company is headquartered in San Jose, California. PayPal was created in 2000 and originally it was Palm Pilot, payments and cryptography company. At the present time PayPal operates in 103 markets. There have been many complaints filed against the company’s fraudulent actions. Several account holders filed a lawsuit alleging that PayPal has violated the Electronic Funds Transfer Act and the laws of California. According to them, the company was involved in dispute resolution procedures and mishandling of customer accounts and other customer services. Besides, there have been several more lawsuits filed against PayPal.
WebMoney. WebMoney is an as well an electronic money and on-line payment system. The company was initially targeted at Eastern European countries but later expanded. Nowadays WebMoney serves many other countries across the world, such as the USA, the Netherlands, Germany, Japan, Greece, etc. It is considered to be safe to use WebMoney, because the users do not need to give their bank account numbers or credit card numbers. The accounts used at WebMoney are called ‘’purses'’. Several currencies can be used during the money transfers. Notwithstanding the claimed safety of the accounts, WebMoney security system has been attacked by different Trojan viruses and mal-wares. Due to this troubles, many accounts have been destroyed.