If such payment systems as Qiwi, Yandex.Money, WebMoney are popular and easily recognizable, few people know about PayCash technology, which served as a platform for creating some modern payment systems. Lets talk about the operation of the PayCash-Online service, its properties and features.
PayCash service is a payment system that is built on the digital signature technology. Digital messages are signed by the bank acting as the issuer of electronic money. Due to the lack of binding to the client account, the possibility of tracking the movements of the account by attackers is excluded. Digital payment books are used for transactions. The system works in a global network and provides the maximum movement of money.
The beginning of the creation of the PayCash service was the union of three giants: the banking institution Tavrichesky, the company Alkor, and the company Aerospace Equipment. Already in 1999 they launched the first pilot service project. I must say, he became successful. It was noticed in 2000 and appreciated by the leading developers of the world in the field of cryptography, who presented the developers with a special prize. PayCash became the first Russian resource to be used in legal transactions from the United States of America.
The essence of the algorithm is to use a protected program for each client in the form of an electronic purse on the PayCash resource. Thanks to this, the user has the opportunity to make transactions and receive money into his account, accumulate in a virtual bank, exchange, provide a withdrawal of funds in any way convenient for the client. In addition, the use of PayCash allows you to privately, safely and instantly pay for purchases in a virtual network, for example: utility bills, cellular communications, music and movies, auto parts, tickets for air and rail transport. A fairly wide range of services attracts a huge number of new customers to the resource.
“Blind signature” is used in the work of the PayCash payment system. The technology of user authentication is available on the official website, although without the permission of the bank to create new payment books in open source is not possible. The algorithm is fully patented and allows you to increase the profitability of micro-payments.
To fully work in the system, you dont even need to have an account or a bank card. To start an activity, you must open a payment book. It is a digital sequence and allows you to send and receive transfers from other participants of the PayCash-Online resource. When a person pays for a product or service in an online store, his developer directly contacts PayCash.
This procedure is used to authenticate a network member. The resource memory stores the spent amount on the book, so repeated over-expenditure of the digital currency is excluded. The resource is focused on the future, in which the process of integrating PayCash into the physical accounts of banking institutions will take place. Popular services such as Yandex.Money, Mobi.Money, Moneta Express are based on the services algorithm.
Consider the most popular PayCash properties. These include:
Maximum safety. It is ensured through the use of cryptography, including RSA technology, which uses a 1024-bit key, digital signature and blind signature. This whole complex protects customer accounts, e-wallets, transactions and information about them.
Secure privacy. Third parties do not have access to information about the user and his movement of funds in the account.
System performance and transaction lightning speed. Thanks to P2P technology, transfer participants are protected from theft of payment data.
Documentation. PayCash service stores not only information about transactions, but also on signed legal agreements and contracts. This provides legal protection for each client.
Comfort To work in the service, you only need access to the virtual network, a computer and free software that is installed on it. An intuitive interface and a minimum of manipulation by the participant - this is what PayCash service is good for.
Minimum commission fees. The resource provides services for individuals free of charge. For legal entities, developers of the PayCash payment system have provided a low fee collection in the amount of 1-2% of the cost of transfers.
Micro Payments. This feature allows e-commerce to develop unlimitedly in a global network. Break-even payments can be less than 1 penny.
The payment system allows you to open multi-currency purses (up to 255 currencies), as well as electronic stock accounts and use them at your discretion. System confidentiality means that neither the banking institution nor the counterparty will be able to find out the name of the digital wallet holder and his network account number. PayCash-Online transactions are made within 0.5 seconds.
To work in the payment service, you need to install the Wallet software on a personal computer, which will serve as a virtual wallet. At the moment, 2 versions of software have been created: simple and multifunctional. The latest software supports several banks, accounts with the ability to automate the process of receiving funds. It is noteworthy that in the event of a system failure during payments, none of the parties runs the risk of losing money. This version of PayCash is suitable for customers who own an online store.
To replenish the account of a virtual purse in the system, you can use one of the options presented:
Transfer from accounts of a banking institution.
In cash through company branches.
When using a prepaid PayCash card.
By mail order.
When visiting the offices of intermediary firms (WesternUnion, MoneyGram, Contact).
Through the payment website WebMoney (e-Port).
You can withdraw funds in such ways as:
Get your hands on the offices of the company.
Use the services of Sberbank of Russia.
Withdraw from the PayCash service to the Tauride bank account.
Apply postal or telegraphic payment.
Use bank transfer.
At the moment, the service is developing rapidly. The user has access to payment methods developed on the PayCash algorithm, such as: paying for purchases made at kiosks, accepting terminal network funds, using scratch cards, mobile transfers, and participating in entertainment lotteries.
Summing up, we can note the popularity of the Russian payment system far beyond the borders of the country. The algorithm of action, confidentiality, legality and absolute transparency of the PayCash payment system are highly demanded also abroad.