Founded in 1998, WebMoney Transfer is one of the world's oldest and largest electronic payment systems. It provides a comprehensive platform for online business activities, offering a multicurrency e-wallet service that allows users to hold funds in various currency-equivalent units ("purses"), make peer-to-peer transfers, pay for goods and services, and manage online transactions. The system operates through a network of guarantors, which are separate legal entities responsible for issuing and managing specific purse types. Historically, it has been most prominent in Russia and other CIS countries.