Paytah Payment Solutions is a transaction service provider with key offices in Malta. Paytah is a service owned and operated by Phoenix Payments Ltd., that is a licensed financial company in Malta.
Paytah.com operates under the European Payments Services Directive, an authorized framework for safe and innovative payment across the EU.
The Phoenix Payments Ltd. has offices in Birkirkara, Malta, and is actually regulated under the Malta Financial Services Authority (MFSA). It is wholly owned by Fenice Holdings, that is registered in Switzerland.
It offers 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
● Alternative payments At what time was it founded?
Paytah started operations in November 2018 after obtaining its PSP license.
What technology will 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 particular audit, in turn, cannot be modified as well as secures the entire account from fraud. The companies and balances are safe from unauthorized adjustments.
The user ‘s registered gadget, where the wallet resides, is actually used to authorize transactions. Access credentials are actually transferred directly from one unit to the other without any intermediary or third-party intervention. This results in seamless transfers and documentation between wallet prospect and Paytah, and client finances to a different wallet. The application of Electronic currency and fiat currency or maybe bitcoin is seamless and transparent.
According to Marco Lavanna, the founding father of Paytah and Monetum, a blockchain account takes out the demand for the “Trust Factor” as a guarantee to a transaction grounded on third-party intermediaries. Payment passcodes are in most cases sent via SMS or perhaps other messaging ability to transfer Private Keys. This way, the third party validation is no longer required because the wallet validates the transaction with the utilization of automatic processes with the Private Key.
The use of blockchain as well as a Paytah wallet supplies transaction transparency not possible with conventional financial transactions. There is no requirement for a third party financial institution or maybe bank to help support the trust factor needed for a remote deal.
How important is actually this technology (blockchain) because of its processing?
Blockchain transaction processing supplies the users encrypted self-validating record keeping. With the use of an electric wallet, users have a secure strategy of transacting business, transferring funds, and process payments. All transactions for an account reside in a safe and encrypted electronic wallet.
Usually, record keeping entails storing the details of every transaction. The information kept consists of the amount of cash involved, the source and also the recipient. It identifies the flow of cash 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 actually the use of the transactions on their own to encode the subsequent operation.
The chain-like encoding secures the reliability and precision of every transaction. Transactions cannot be modified or perhaps edited after these are encoded in the wallet. In case a previous transaction is revised, or even if a wrong transaction was introduced into the chain, the fraud can be seen because succeeding transactions don’t match. The entire wallet fails.
For merchants, blockchain technology assures that virtually no fake account will be created. Each blockchain transaction is generated at the source (with crypto mining), and every transaction depends on previous transaction encoding (or mined). The underlying technology keeps the transactions safe, and every additional user protected as well.
For the end-users, there is an additional layer of protection. The wallet encrypts every transaction it documents. This Private Key system makes sure that activities may only be transacted with the use of the wallet. Authorization is completed only by passing keys to and from the finances.
Who benefits from this service?
Paytah clients include Malta companies with internet and international transactions. international and Online Malta businesses with large volume cash transactions normally do not have ample support from local banks. Paytah handles online processing for prepaid credit cards and alternative payment and debit cards modes.
Payment preferences from eCommerce transactions differ from nation to nation. Paytah provides transaction processing for alternate payment methods. This allows online marketing business enterprises to provide services to the clients of theirs with a seamless integration of transaction methods. This supplies the eCommerce merchant the flexibility to offer payment methods that are handy to their customers.
What exactly are the advantages of the service?
Paytah is actually a substantial payment service company, which caters to companies and individuals who are not being properly served by mainstream financial companies. There’s a desire for financial services, including virtual IBAN, prepaid card and debit card processing, strong merchant accounts, and some.
The use of blockchain engineering leads to safer and faster transactions at a lower cost to the user.
Would it be a scam?
Paytah is a legitimate service and is not a scam. It’s a service owned as well as operated by Phoenix Payments took in Malta. Fenice Holdings in Switzerland wholly very own Phoenix. The Paytah offices are actually placed in Birkirkara, Malta.