What is Paytah?
Paytah Payment Solutions is a transaction service provider with main offices in Malta. Paytah is actually a service run by Phoenix Payments Ltd., that is a licensed finance company in Malta.
Paytah.com works under the European Payments Services Directive, a legal framework for safe and innovative transaction across the EU.
The Phoenix Payments Ltd. has office spaces in Birkirkara, Malta, and is actually controlled under the Malta Financial Services Authority (MFSA). It is wholly owned by Fenice Holdings, that is registered in Switzerland.
It offers facilities for different types of services:
● peer-to-peer payments,
● credit card processing,
● payment accounts,
● recurring payments,
● Virtual IBANs
● Direct merchant accounts
● Prepaid and also debit cards; and
● Alternative payments When was it founded?
Paytah started operations in November 2018 right after accepting its PSP license.
What technology does it use?
Paytah is among the first payment service providers that utilize blockchain technology. This kind of technology comes with an audit trail as part of the transaction. This particular inspection, in turn, can’t be modified as well as secures the entire account from fraud. The operations and balances are protected from unauthorized adjustments.
The user ‘s registered device, the place that the wallet resides, is used to authorize transactions. Access credentials are actually transferred directly from one product to the other without any intermediary or third-party intervention. This results in seamless transfers as well as documentation between wallet prospect and Paytah, and client finances to another wallet. The application of Electronic currency and fiat currency or maybe bitcoin is transparent and seamless.
According to Marco Lavanna, the founding father of Paytah and Monetum, a blockchain account eliminates the demand for the “Trust Factor” as an assurance to a transaction based on third-party intermediaries. Payment passcodes are usually sent via SMS or perhaps other messaging choice to transfer Private Keys. In this way, the third party validation is no longer required because the pocket book validates the transaction with the usage of automatic processes with the help of the Private Key.
The application of blockchain and a Paytah wallet supplies transaction transparency not possible with conventional monetary transactions. There’s no need for a third party financial institution or bank to support the trust factor needed for a remote offer.
Exactly how important is actually this technology (blockchain) because of its processing?
Blockchain transaction processing provides the users encrypted self-validating record keeping. With the usage of an electric wallet, users have a protected method of transacting business, transferring funds, and process payments. All transactions for an account reside in a safe as well as encrypted electric wallet.
Usually, record keeping involves storing the details of every transaction. The info kept consists of the volume of money involved, the source and also the recipient. It talks about the flow of investment as it goes to purchase products and services, and the outflow as the money moves out of the bank account. What differentiates blockchain engineering is the use of the transactions independently to encode the subsequent operation.
The chain like encoding secures the reliability as well as reliability of every transaction. Transactions can’t be altered or perhaps edited after these’re encoded in the wallet. If a prior transaction is actually revised, or even if a wrong transaction was introduced into the chain, the fraud can be easily seen because succeeding transactions do not match. The entire wallet fails.
For merchants, blockchain know-how assures that absolutely no fake account will be created. Each blockchain transaction is created at the source (with crypto mining), and every transaction is dependent on prior transaction encoding (or mined). The underlying technology will keep the transactions secure, and every other user secure as well.
For the end users, there’s an added covering of security. The wallet encrypts every single transaction it records. This Private Key system ensures that activities can solely be transacted with the usage of the wallet. Authorization is completed solely by passing keys to and from the pocket book.
Who benefits from this particular service?
Paytah clients include Malta businesses with internet and international transactions. Online and international Malta companies with big volume cash transactions normally don’t have sufficient support from neighborhood banks. Paytah handles web based processing for prepaid credit cards as well as debit cards and alternative payment modes.
Payment tastes from eCommerce transactions differ from nation to nation. Paytah provides transaction processing for alternate payment methods. This allows internet advertising companies to provide services to the clients of theirs with a seamless integration of transaction methods. This provides the eCommerce merchant the versatility to give payment methods that are convenient to the customers of theirs.
What are the benefits of the service?
Paytah is a substantial payment service business, which caters to companies and individuals who are not being adequately served by mainstream financial businesses. There is a need for financial services, which includes virtual IBAN, prepaid card and debit card processing, direct merchant accounts, and some.
The use of blockchain technological innovation results in faster and safer transactions at a lower cost to the user.
Would it be a scam?
Paytah is a respectable service and is not a scam. It’s a service owned and operated by Phoenix Payments based in Malta. Fenice Holdings in Switzerland wholly very own Phoenix. The Paytah offices are actually located in Birkirkara, Malta.