What is Paytah?
Paytah Payment Solutions is a payment service provider with key offices in Malta. Paytah is a service owned and operated by Phoenix Payments Ltd., which is a licensed financial company in Malta.
Paytah.com operates under the European Payments Services Directive, an authorized framework for safe and innovative transaction across the EU.
The Phoenix Payments Ltd. has offices in Birkirkara, Malta, and is actually controlled under the Malta Financial Services Authority (MFSA). It’s wholly owned and operated by Fenice Holdings, that is registered in Switzerland.
It provides facilities for various kinds of services:
● peer-to-peer payments,
● credit card processing,
● payment accounts,
● recurring payments,
● Virtual IBANs
● Direct merchant accounts
● Prepaid and debit cards; as well as
Paytah began operations in November 2018 after accepting its PSP license.
What technology does it use?
Paytah is among the first transaction service providers that make use of blockchain technology. This kind of technology includes an audit trail during the transaction. This inspection, in turn, cannot be modified and also secures the whole account from fraud. The companies and balances are protected from unauthorized adjustments.
The user ‘s registered gadget, the place that the wallet resides, is actually used to authorize transactions. Access credentials are transferred directly from one device to the other with no intermediary or third-party intervention. This results in seamless transfers as well as documentation between wallet prospect as well as Paytah, and client finances to some other wallet. The use of Electronic currency and fiat currency or bitcoin is transparent and seamless.
According to Marco Lavanna, the founding father of Paytah and Monetum, a blockchain account eliminates the need for the “Trust Factor” as an assurance to a transaction founded on third party intermediaries. Payment passcodes are regularly sent via SMS or perhaps other messaging choice to transmit Private Keys. This way, the third-party validation is no longer needed because the pocket book validates the transaction with the usage of automatic processes using the Private Key.
The application of blockchain as well as a Paytah wallet provides transaction transparency not possible with traditional financial transactions. There is no need for a third party financial institution or perhaps bank to help support the trust factor necessary for a remote offer.
How important is this technology (blockchain) for its processing?
Blockchain transaction processing supplies the users encrypted self validating record keeping. With the usage of an electronic wallet, users have a secure strategy of transacting business, transferring funds, and process payments. All transactions for an account reside in a protected and encrypted electronic wallet.
In general, record keeping involves storing the details of every transaction. The info kept incorporates the quantity of cash involved, the source as well as the recipient. It identifies the flow of money as it goes to pay for products and services, as well as the outflow as the cash moves out of the account. What differentiates blockchain engineering is the usage of the transactions on their own to encode the subsequent operation.
The chain-like encoding secures the reliability as well as correctness of every transaction. Transactions can’t be altered or even edited after these are encoded in the pocket book. If a prior transaction is revised, or perhaps if a wrong transaction was put into the chain, the fraud can be seen because succeeding transactions do not match. The entire wallet fails.
For merchants, blockchain technology assures that virtually no fake account would be produced. Each blockchain transaction is created at the resource (with crypto-mining), and each transaction is dependent on prior transaction encoding (or mined). The underlying technology keeps the transactions secure, and every other user safe as well.
For the end-users, there is an extra level of security. The wallet encrypts every single transaction it records. This Private Key system makes sure that activities may just be transacted with the usage of the wallet. Authorization is done solely by passing keys to and from the finances.
Who benefits from this particular service?
Paytah clients include Malta businesses with international and internet transactions. Online and international Malta companies with big volume cash transactions usually don’t have sufficient support from hometown banks. Paytah handles web based processing for prepaid credit cards as well as alternative payment and debit cards modes.
Payment inclinations from eCommerce transactions vary from country to country. Paytah provides transaction processing for alternative payment methods. This allows web based marketing business enterprises to provide services to their clients with a seamless integration of payment methods. This offers the eCommerce merchant the versatility to give payment methods that are actually handy to the customers of theirs.
What exactly are the benefits of the service?
Paytah is actually a comprehensive payment service business, which caters to companies and individuals that are not being adequately served by mainstream financial businesses. There’s a desire for financial services, including virtual IBAN, prepaid card and debit card processing, direct merchant accounts, and some.
The use of blockchain engineering leads to faster and safer transactions at a lower price to the user.
Could it be a scam?
Paytah is a legitimate service and is not a scam. It is a service owned as well as operated by Phoenix Payments based in Malta. Fenice Holdings in Switzerland wholly own Phoenix. The Paytah offices are actually placed in Birkirkara, Malta.