Online payment service PayCash offers customers instant money transfers that are secure and confidential.

The service began its work in 1998. The owner is the limited liability company Alkor Paykesh (St. Petersburg).

 

PayCash - cash in the form of digital money

All transactions in the system can be carried out privately. Despite this, all translations are provable. The digital cash technology, which is the transfer and storage of funds in the form of digital cash, was developed by the Dutchman D. Chaum about 40 years ago. The technology provides for the fulfillment of obligations to the bearer in the form of funds, which are confirmed by digital certificates. When electronic money is presented to the issuer, it is secured in cash.

Before the launch of the project, the PayCash payment system was modified by Russian programmers. Currently, the work of the payment service is the basis for building the business of other payment systems. For example, the largest American service MonetaExpress is based on PayCash technology. The basis for building the Yandex.Money PS was also the PayCash service. In total, on the basis of the system, more than 15 payment systems operate in different countries of the world and about 10 projects are under development.

Technological developments of Russian specialists were noted at international presentations. Experts in the economic cryptography industry also noted the highest level of protection of the technology, as well as payment services based on it.

The payment system works in different countries. For example, in the Russian Federation - Yandex.Money, Ukraine - Internet.Money, the United States - Cyphermint PayCash. The system is also presented in a number of CIS countries.

The number of active users of the service in the Russian Federation is about a quarter of a million people. The service serves several thousand online stores. PayCash operates as an NPO based on the registration certificate of the Central Bank of the Russian Federation. The service distributes prepaid cards designed to replenish an account in the system. The number of branches throughout the Russian Federation exceeds 2.5 thousand.

In the process of financial transactions, three participants are traditionally involved: the bank, the payment system, and the user. EPS users can be individuals and legal companies. In order to receive money, the client should not have a special status. Financial transactions are carried out using software developed by the companys specialists.

System security

The data protection options that the PayCash payment system implements in its products has unique mechanisms. The following options are used to make secure payments:

EDS;
"Blind" EDS;
use of a protection code (cryptographic protection algorithm);
use of public keys 1024 bit;
use of symmetric security keys 160
Multi-currency and various ways of withdrawing funds significantly expand the capabilities of both private users of the system and representatives of business structures.

Benefits of PayCash payment service:

implementation of instant transactions;
the ability to enter international payment markets;
wide range of interfaces;
confidentiality of data;
reliability and security of transactions;
the possibility of obtaining electronic puffiness;
a huge selection of currencies;
transactions in the Person to Person format;
minimum commissions;
the possibility of obtaining a loan from other users of the system (granting a loan).
Using PayCash online, users have the opportunity to maintain partnerships with the service, as well as create and develop their own payment services.

 

Sequence of work with PS PayCash

After creating an account (registration), the user becomes the owner of the electronic wallet. You can deposit funds to your account in various ways, ranging from prepaid cards to a money transfer from another member of the system. The service provides for replenishment of the wallet using ATMs, credit, debit, virtual cards, terminal networks.

In order to be able to pay online for purchases or services of providers of various services, the user needs to create payment books on his own device. After that, the user can pay electronically for services and purchases, and each transaction is authorized by the bank. The peculiarity of each payment in the PayCash system is that the financial institution is not able to determine which books are used for the transaction, as well as their owner.

The initial stage of financial relations involves the sellers request to receive funds from the buyer. In this case, the contract for the monetary transaction has already been signed by the seller. The party interested in the purchase then provides information about the transaction. At the third stage, the store representative must go through authorization at the financial institution, which, after successfully passing it, sends two receipts to both parties. All stages of the operation are carried out instantly in automatic mode.

Therefore, the PayCash payment system is not a traditional way of making money transfers, but a completely confidential service. The system user has the opportunity to spend his funds regardless of the banks requirements. Even if the financial institution is guided by a court order, the user can withdraw his funds to any bank and withdraw them from the account independently or through an authorized representative.

All information that is sent through the communication channels of the payment service is encrypted with symmetric and public keys. Receiving data or intercepting it is almost impossible. The system also provides a number of measures aimed at protecting the electronic wallet and payment books directly on the users device.

Working with the system

The work begins with the installation of a software package that PayCash online offers to customers. The software is distributed free of charge.

Installation is performed in standard mode, after which you need to configure the parameters of the electronic account. The system offers to use various tariff packages. After setting up the account, the client must specify personal data, which must be reliable. The use of the service is possible only after depositing funds to the system account. After depositing funds to the PayCash online account, the user should create payment books to which funds are transferred from the electronic account. Electronic money is used by the user in full confidentiality. However, to ensure complete privacy, it is recommended to periodically use new books.

After completing these operations, the funds can be used for various purposes. The system allows you to pay for services and goods with a minimum cost. After each transaction, the owner receives a notification about the balance of funds in his wallet (book).

The service provider can only accept payment within the framework of agreements that the potential customer submits. An additional option is the ability to set the time during which the electronic wallet will carry out transactions under the established agreements. Thanks to this, the seller can view obsolete orders that have not been paid in the registers. Thus, the merchant can send such receipts to the financial institution to verify payment. In case of successful authorization, the bank transfers money to the seller from the buyers electronic wallet. In the PayCash system, a fee of 1% of the money transfer is charged for such a service.

On average, the PayCash system tariff scale provides a commission of 2% -3% from each transaction.

The service allows you to pay for purchases of goods in more than 2000 stores connected to the system. The services of providers are also paid for:

mobile connection;
satellite, cable TV;
the Internet;
Housing and communal services.
Regardless of the use of an electronic wallet by a consumer of services or a business representative, the PayCash service is a unique tool that is protected by a client program. A wide range of opportunities within the service allows you to store funds, transfer them to other clients, withdraw from the system to bank cards, and also spend on purchases or services.

It should be noted that the PayCash payment system was the first in the domestic electronic payments market to receive large investments from Western companies. The service was also the first to start operating in the US market, providing cross-border online payments.

PayCash is currently a reliable and secure service for individuals and legal companies. Leading financial institutions and major domestic and international organizations act as partners of the company.