Russia's largest payment processor Pay-Me adopts blockchain technology

BlockNotary is a new application that uses the Tierion Cloud Platform and is currently used by one of Russia’s largest mobile payment processors. Pay-Me is a Russian mobile payment processor with over 30,000 devices that is currently powered by the Bitcoin blockchain.

In the past, new customers were required to pass an interview with a customer service representative before they could sign up, as Russian criminals stole credit cards and used mobile point-of-sale terminals to launder money.

“The purpose of recording during the registration process is to prevent fraud. As CEO, I want to make it as difficult as possible for criminals to use Pay-Me for illegal activities - Vladimir Kanin , CEO of Pay-Me . ”

BlockNotary has ended this practice, and instead conducts video interviews through a mobile app, where Tierion (through the BlockNotary app) collects data to create a verifiable record of the process and stores it on the blockchain. This greatly speeds up the process, making the entire verification step smoother and allowing for more timely installation of point-of-sale equipment for customers. A video recording of the entire process (which takes about 1 minute from start to finish) can be viewed on the Tierions blog, here.

Clients can use the Blocknotary video interview app to verify their identity and film the interview at their location. Blocknotary also collects the client’s statement of intent and the information required for the background check. The entire onboarding process becomes smoother for new clients, and Pay-Me can also install the point-of-sale device before the background check is completed. Not only that, the entire record received by Pay-Me is immutable and can be verified using the blockchain. This record can reduce Pay-Me’s legal liability and can also help police investigate fraud.

Tierion is a “cloud platform powered by blockchain technology” that allows users to easily collect and store data. Once the data is obtained, it can be stored on the blockchain to ensure its authenticity, and users will receive a blockchain receipt to verify the data without relying on a trusted third party.