The PayCash service appeared on the electronic payments market back in 1997. It is believed that the founder of the payment was David Chaum. PayCash was based on eCash technology. The developers saw their goal in creating a system that would meet several criteria:
• absolute safety;
• high speed of transaction processing;
• affordable cost of services;
• multifunctionality.
In the winter of 1998, the new payment system began its work in test mode. Users of the World Wide Web could try it out. At the same time, no one risked, since during this period fake monetary units were used in the payment. 
It is worth noting that such a move played into the hands of the developers: people could experience payment services "on their own skin" without risking losing their "hard earned" ones. EPS liked the majority of web users. Many people spoke positively about the service on forums dedicated to electronic payments.
In 2000, PayCash received a license from the Russian Central Bank and began to serve its customers legally. A couple of years later, the Yandex corporation signed a cooperation agreement with the payment system: the PayCash developers were offered to take part in the creation of the Yandex.Money EPS . 
 

PayCash: payment service capabilities

In the process of its development, the payment system has improved and offered its customers new services, convenient interfaces, and modern technologies. All this allowed us to put service to a qualitatively new level.
What opportunities can PayCash offer today? The range of services is very wide.
By registering, system participants can: • shop in online stores that are connected to the payment system;
• send funds to current or card accounts registered with domestic financial institutions;
• carry out intra-system money transfers, indicating only the recipients e-address;
• make foreign exchange transactions;
• carry out micropayments, the size of which can be as little as 1 kopeck.
Users can be sure that their payment and personal data will not fall into the hands of unauthorized persons: the principle of confidentiality works in the system.
 

Beginning of work

Work in PayCash begins with the fact that the user installs the Wallet software on his computer. There are 2 types of e-wallets: simple and multifunctional.
It is clear that a multifunctional e-account is equipped with a large number of useful options and provides its holder with ample opportunities. By registering this type of wallet, the user will be able to work with several financial institutions. It is allowed to open several e-accounts within one account. You can also use features such as automatic payment acceptance.
If the user does not plan any global projects related to virtual payments, but registers only in order, for example, to pay for purchases purchased on shopping sites, then the simple version of the e-wallet is perfect for him.
Corporate clients should still install a multifunctional version: merchants cannot do without the functions that this type of wallet is equipped with.
 

Features of PayCash

The PayCash payment system serves citizens of 16 countries. Several more projects are under development.
PayCash works with virtual currencies. The technologies used in the system make it possible to conduct financial transactions online. You can work with a payment order both from a personal computer and from a mobile device (tablet or phone with “smart” function).
Payment and personal information of users passes through an encryption program and is stored in encrypted form on the server. Information transfer is carried out through secure channels. The PayCash security system complies with international standards.
Some technologies developed by PayCash employees use the “sharks” of the domestic electronic payment market Yandex.Money and MOBI.Money.
PayCash users can make interstate money transfers, not only to the countries of the post-Soviet space, but also to foreign countries, for example, the United States (unlike most Russian EPS).
Payment card participants can work with different interfaces. Personal accounts are equipped with an option such as workflow, thanks to which clients can create financial reports directly in their account and send them to their partners or managers.
Another distinctive feature of PayCash is the ability to issue loans online: users of the payment system provide loans to each other. For some, this is a great opportunity to take out a loan on favorable terms, and for others - to earn interest.
The affordability of prices should also be mentioned. You dont need to pay anything to register an account. Private clients use the service for free. And corporate users were not offended by the administration of the payment system: the cost of one transaction will be no more than 2%.
 

Positive aspects of PayCash

PayCash is a unique payment service. It has a number of advantages.
1. Reliability and safety. The protection system is based on cryptographic algorithms such as RSA. These algorithms are equipped with keys that are over 1024 bits in length. The financial security of e-wallet holders is ensured by such a mechanism as an electronic digital signature. Virtual wallets, accounts in online banking systems, cryptocurrency cash, as well as all financial transactions are protected using the so-called blind electronic signature.
2. Anonymity. A blind electronic signature not only performs a security function, but also ensures confidentiality for the payer. Unauthorized persons will not be able to obtain information about the clients of this organization.
3. High speed of work. If the computer on which the PayCash software is installed has low power, the server can still process up to 150 thousand payment transactions / day. It takes less than a second to complete a transaction. Money is credited to the beneficiarys account instantly
4. Financial transactions logs. Users can view payment histories. Not only the facts of financial transactions are recorded, but also legal obligations, for example, agreements on partnerships, contracts and other documents, which both parties secured with electronic digital signatures.
5. Simplicity of operation. The user can set up automatic receipt / sending of payments. This makes working with the system as easy as possible. The client makes minimal effort. The interface of the personal account is simple and straightforward: there is enough basic knowledge and skills in working with EPS to perform all the manipulations with payments. The work will require minimal costs: a computer, an Internet connection and software that can be downloaded for free on the official PayCash website.
6. Possibility of break-even payments. When making a payment, users can set the amount with an accuracy of 1 thousandth of a penny. Such micropayments are not possible in every EPS. This avoids overpayments.
7. Operations with cryptocurrency. PayCash cryptocurrency works the same way as fiat money in real life. Using virtual monetary units, system participants can carry out various types of financial transactions:
• withdraw electronic cash from the PayCash e-wallet;
• use the services of trading sites that cooperate with the system and pay for purchases with virtual money; • issue loans to third-party payment system users; • perform procedures related to the exchange of digital currency for fiat currency and vice versa. 8. Work without interference. Often times, the internet connection drops at the most inopportune moment. This is especially unpleasant when it comes to financial transactions: it is not clear whether the transaction was completed or not. For PayCash users, this is not a problem as the service endures connectivity problems persistently. 9. Multicurrency. Within one account, you can use different types of currencies (both electronic and conventional). The system even supports digital securities: bills of exchange and shares. 
 

Conversion

PayCash offers several ways to exchange regular money for cryptocurrency and vice versa.
1. You can exchange cash (rubles, dollars, euros, etc.) for electronic money. To do this, you need to contact one of the offices of PayCash.
2. To save personal time, customers can use the services of the PayCash courier service: an employee of the organization will come directly to their home and help make the exchange.
3. You can also exchange funds using money transfers (bank, postal).
4. For conversion, you can use a scratch card issued by the PayCash payment service.
 

To make customers feel comfortable

PayCash developers understand that electronic payments are becoming more and more popular. And the reason for this is the intensity of life of a modern person. Therefore, the companys employees decided to develop a mobile application that would facilitate the work in the field of virtual commerce. By installing a special program on his phone or tablet, the user will be able to access their PayCash account at any time.
After the software is installed on the laptop, you must go through the standard registration procedure. Now you can work with electronic cash. From your personal account in mobile banking from PayCash, you can monitor the movement of funds and check the history of payments. Transactions are protected by unique QR passwords.
 

PayCash Scratch Cards

The payment service issues its own scratch cards, thanks to which users can replenish the balance of their e-wallets. Payment documents are equipped with a reliable security system, which was patented by the employees of the payment system. Information is transmitted over a secure protocol. Payment instruments are equipped with an identifier and a corresponding verifier. This minimizes the possibility of fraudulent transactions.
• Verifier and identifier are unique information about the owner of the payment document. The verifier must match the identifier.
PayCash scratch cards have the following advantages:
• low cost;
• available fees for card transactions;
• confidentiality;
• safety;
• possibility of remote use (scratch card is an ideal solution for online payments).
 

Cooperation

PayCash has partnerships with many domestic financial institutions. The payment system also works with processing centers of the largest electronic systems. Together with their partners, the service employees are implementing Internet gateways that act as a link between PayCash and classic banking technologies. Thanks to such gateways, the speed of financial transactions will increase, and consumer opportunities will expand.
PayCash is working on a joint project with the CyberPlat® online payment service. The goal of the cooperation was to create a gateway between the two systems, thanks to which intersystem financial transactions became available to Internet users. The transaction fees have also dropped significantly. In addition, virtual trade organizations connected to CyberPlat were able to accept payments with PayCash cryptocurrency. The company has opened its representative offices in the post-Soviet countries (Ukraine, Latvia), as well as in the United States. Therefore, users of the service can freely transfer money to friends or partners living in these states. The service of transnational payments is used by trading sites, virtual organizations that provide IT services, and individuals.