“Processing Technology” LLC is the main developer of the Russian e-payment technology PayCash. The PayCash system is a highly technical Russian e-commerce project. The system provides for instant, secure and provable payment in real-time, over the internet or with the help of a cellular phone. This technology provides tools for the storage and transfer of critical data over open networks. The technology is based on patented security, storage and data sharing protocols. This technology is successfully used in the development of competing highly-technological payment services such as Yandex.Money and mobile payment system MOBI.Money.
Since 2006, LLC “Processing Technology” and “Tavrichesky” bank have been carrying out research and development of business models and technical solutions in the field of mobile commerce intended to develop mobile payment systems using PayCash as base technology. The mobile payment system, based on prepaid bank cards, is being developed on the basis of the Universal Payment Platform (UPP) for the payment of goods and services using existing and advanced networks, developed as per the demand of the Info-Communication Union (ICU) in association with the cellular service providers, banks and other players of the m-commerce market.
Security
The unique security tools, which are used by the PayCash technology, provide safety for client accounts at an internet-bank, as well as security of the e-wallet and the digital cash it carries. The data regarding the completed financial transactions also remains secured and unavailable to third parties.
Notable security tools include:
The use of digital signature (DS)
The digital signature can be defined as an algorithm, with the help of which the author (officially known as the owner of the DS) “signs” messages. The receiver can make sure that only the author wrote the message and not anyone else, by the DS. The DS guarantees that the signed e-document can neither be forged nor be amended.
The use of “indistinct” digital signature
The “indistinct” digital signature allows one to complete e-cash transaction with absolute anonymity.
The use of cryptography for data security
Cryptographic security means the encryption of data. Special cryptographic algorithms enable the denial of access to information regarding your e-wallet and the transactions you complete using the same.
