Paytah Payment Solutions is a transaction service provider with main offices in Malta. Paytah is actually a service run by Phoenix Payments Ltd., which is a licensed financing company in Malta.
Paytah.com operates under the European Payments Services Directive, a legal framework for innovative and safe payment across the EU.
The Phoenix Payments Ltd. has office spaces in Birkirkara, Malta, and is actually governed under the Malta Financial Services Authority (MFSA). It is 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 as well as debit cards; and
● Alternative payments When was it founded?
Paytah began operations in November 2018 after obtaining its PSP license.
What technology does it use?
Paytah is actually one of the first transaction service providers that employ blockchain technology. This particular technology includes an audit trail together with the transaction. This particular inspection, in turn, can’t be modified and also secures the whole account from fraud. The operations and balances are safe from unauthorized adjustments.
The individual ‘s registered gadget, where the wallet resides, is used to authorize transactions. Access credentials are transferred directly from one unit to the other with no third-party or intermediary intervention. This results in seamless transfers and documentation between wallet client and Paytah, and client wallet to some other wallet. The use of Electronic currency and fiat currency or maybe bitcoin is seamless and transparent.
As per Marco Lavanna, the founder of Monetum and Paytah, a blockchain account eliminates the need for the “Trust Factor” as an assurance to a transaction grounded on third party intermediaries. Payment passcodes are regularly sent via SMS or perhaps other messaging choice to transfer Private Keys. This way, the third party validation is no longer needed because the finances validates the transaction with the use of automatic tasks with the Private Key.
The application of blockchain as well as a Paytah wallet provides transaction transparency not likely with conventional financial transactions. There is no demand for a third party financial institution or maybe bank to support the trust factor necessary for a remote deal.
Exactly how important is actually this technology (blockchain) because of its processing?
Blockchain transaction processing supplies the users encrypted self-validating record keeping. With the usage of an electric wallet, users have a secure strategy of transacting business, transferring finances, and process payments. All transactions for an account reside in a secure as well as encrypted electronic wallet.
In general, record keeping involves storing the details of every transaction. The information kept consists of the volume of cash involved, the source and the recipient. It describes the flow of money as it goes to pay for products and services, and the outflow as the cash moves out of the bank account. What differentiates blockchain technology is actually the usage of the transactions by themselves to encode the next operation.
The chain-like encoding secures the credibility and correctness of every transaction. Transactions can’t be modified or edited after these’re encoded in the pocket book. When a prior transaction is actually revised, or perhaps if a false transaction was inserted into the chain, the fraud can be easily seen because succeeding transactions don’t match. The full wallet fails.
For merchants, blockchain know-how assures that absolutely no fake account will be created. Each blockchain transaction is created at the form (with crypto-mining), and each transaction depends on prior transaction encoding (or mined). The underlying technology helps to keep the transactions secure, and every additional user secure as well.
For the end users, there is an added level of security. The wallet encrypts each and every transaction it documents. This Private Key system guarantees that activities can just be transacted with the usage of the wallet. Authorization is completed 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 businesses with large volume cash transactions usually do not have sufficient support from neighborhood banks. Paytah manages internet processing for prepaid credit cards and debit cards and alternative payment modes.
Payment inclinations from eCommerce transactions are varied from land to nation. Paytah offers transaction processing for alternate payment methods. This allows web based marketing companies to provide services to their clients with a seamless integration of transaction procedures. This supplies the eCommerce merchant the mobility to offer payment methods that are practical to their customers.
What exactly are the benefits of the service?
Paytah is a detailed payment service business, which caters to companies and individuals who are not being adequately served by mainstream financial businesses. There is a demand for financial services, which includes virtual IBAN, prepaid card and debit card processing, direct merchant accounts, and others.
The application of blockchain technology results in safer and faster transactions at a lower cost to the user.
Is it a scam?
Paytah is a legitimate service and is not a scam. It is a service owned and operated by Phoenix Payments took in Malta. Fenice Holdings in Switzerland wholly own Phoenix. The Paytah offices are actually placed in Birkirkara, Malta.