WebMoney Transfer commonly known as WebMoney is an internet currency system that was established in 1998 in Moscow. The unit of payment is called WebMoney units (WM-units). No bank account or credit card is required to open or operate a WebMoney account.
In 2013, the Ukrainian government seized testing computer equipment from the Ukrainian guarantor and blocked 60 million UAH residing on guarantors' accounts in Ukraine. Officials of the Ministry of Revenues and Duties of Ukraine said that there were major irregularities in the operations of the company and that the rules of the operation of the payment system were not agreed with the National Bank of Ukraine. A statement made by the Ukrainian officials brands the use of WebMoney as illicit and illegal. One example being online pharmacy transactions. In March 2015, the Ukrainian guarantor's bank accounts were released by Ukrainian legal decision. Later that year the National Bank of Ukraine and Oschadbank, partnered with WebMoney.UA.
In early 2016, The WebMoney Transfer system won several awards.