What is a WMnote?
A WMnote is an entry in our database with information regarding Issuer’s financial obligations to the bearer of that WMnote. WMnotes are sold and redeemed in exchange for cash by their Issuers. The amount of Issuer's obligations equals the par value of WMnote. WMnotes vary in par value but are limited to maximum of 150 EUR per WMnote or its equivalent in another currency.
WMnote consists of two Access Codes : WM Number and WM Code. Each access code is a randomly generated order of symbols that may vary in length. WM Number identifies the WMnote and WM Code allows the bearer to change or manage its nominal value. Possession of two access codes is sufficient to exercise full ownership, control, and use of WMnote.
Example of WMnote Key with par value of 18.66 Ls issued by SIA ELMI Digital Money (actual WMnote format may vary)
Access Codes, Nominal value, Date and Time:
0632509265*382927540268755, 18.66 Ls.LV1, 5/6/2009 8:05:11 AM (UTC)
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Attention: WMnote is an electronic or digital surrogate of money (coins and banknotes) that may be used as a means of payment. Please treat its access codes accordingly. Lost or misplaced access codes to WMnotes cannot be restored.
Using WMnotes
With the aid of access codes, users can alter and manage the database that records Issuer's financial obligations for each individual WMnote. By increasing or decreasing the par value of WMnotes, users can make cashless payments in small amounts online, offline, or via SMS.
With WM Number, the user may verify validity of WMnote, its nominal value, and identity of the Issuer.
With WM Number and WM Code, the user can make a variety of transactions: transfer par value of one WMnote to another, change access codes, split or merge WMnotes, shop online, receive change, and redeem e-money in exchange for regular money.