Paycash payment system. Finance, service cost

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Paycash payment Internet system is the project of the Bank "Tavrichesky", OJSC. Corporation "Aerospace Equipment" and Alkor Group of Companies It allows you to spend through. Internet is economical, safe, instant Eva, private and, despite privacy, absolutely provable Paycash payments - the first Russian system based on the classical technology of digital cash (Digital Cash), which was proposed by a Gol. Andean scientist. David. Chaum (David Chaum). The essence of the concept of "digital cash" is that for. Internet settlements are used by presenter monetary obligations that are issued in the form are protected by their digital certificates. They are provided by ordinary cash At that moment, when the digital cash is presented to its issuer, ї їїт.

PayCash is the Russian development of an anonymous system on-line electronic money and the only system that is officially moving in the Ukrainian market

Representative offices of the system are open in Ukraine. Russia,. Latvia,. USA and. UK. PayCash technology has been introduced in Ukraine in August 2001, Limited Liability Company "Payikes Ukraine" which is the issuer of relevant electronic money nominated in UAH. From April 2, 2003, the system. Paycash Internet settlements in Ukraine operates under the trademark "Anxamsy" and serves more than 50. Online storeNTenet-Shopіv.

V. Russia on PayCash technology operates the system - "Yandex-money", in. Belarus -. RGEGE-PYUPE ", in. Latvia -" PayCashlatviah; in. Armenia * "DraMcash", and in. USA - "CYPHERMINTPAYCASH" "

V. Russia PAYCASH technology system (Yandex. Money ") According to PAYCASH project representatives, has about 200,000 users and serves up to 600 traders. The issuer of relevant electronic money and nominated in Russian rubles, with the bank "Tauride" (St. Petersburg), which received a registration certificate. Central Bank. Russian Federations on the issue of prepaid financial product in. The distribution network of prepaid cards, with which the money is input to the system occurs, has about 2,500 clause2 500 clause.

The payment system participants are. Bank (system operator system) and customers. Customers can be both physical and legal entities, as well as work (autonomously functioning computer programs playing the role of shops, casino, dealing centers, bookmakers, etc.), which act on behalf of certain (or physical or legal entities). All customers levels for the bank level in particular, to be able to be a priest payments to the client does not require any special status of the "store" all its operations within the PayCash system, the client conducts with the help of special software. Romanets "teaching system systems interact with each other by sending messages. Intrunner internet.

The system works according to the following scheme: future client with. The wallet opens an account in the bank (the opening (registration) of the account is made over the network. Internet "from the house"), and transfers money to his Rahu Wife (cash receipt in cash bank, bank or postal transfer, credit card, and finally another client Can pay him within the PayCash system). After that, he becomes Kli Enth Systems.

To be able to pay within the PayCash system, the client creates in his computer using. Wallet one or more payment books. Then again with help. Wallet, translates any amount of money from his account to one of the books, i.e. to your computer. At the same time, the bank can not determine which book money is being transferred. In addition, the bank does not know who belongs to the specific plan of the book. After that, the client is ready to pay in. Internet, and anonymously, those with money that lie on his payment books. Each payment is authorized by the bancoalk.

The chain of messages during the payment is as follows: Seller - Buyer - Seller - Bank - Seller - Buyer. In the first step, the seller requests money from the buyer, and the request is included in the request of the operation. At the second step, the buyer sends the payment data to the seller. Next, the seller sends payment data to the bank for authorization. The bank conducts the necessary checks and sends the seller of April a station, as well as a receipt ?? for the buyer. The seller reports to the Buyer its decision and forwards it the data encrypted by the Bank in the name of the buyercup.

It should be borne in mind that in the PayCash system, the client is at its disposal an electronic cash, which, like ordinary paper money, can be lost. For example, if the client's computer "burns" or stole it, the client will get rid of all the money he translated into his computer and did not have time to spend. However, if the client remains backups parameters. Wallet of the last translation of money from the account in to the Omphone, he will be able to restore his denuna.

Thus, the PAYCASH system is an anonymous electronic money system (ED), and not just a clisnt bank system. This is also expressed in the fact that the bank cannot (for example, at the request of the court) to prevent the client in spending. Ed, which he managed to translate into his computer, no other way, how to stop all payments in the system. If the client needs to withdraw its money outside the PayCash system, it submits a command of the TI (part or all means) from his account in a system of the system to account in any NVirtual Bank, where he himself or his representative can physically add them.

When sending a network. The Internet all data is encrypted by open keys do not shorter than 1024 bits, and symmetric keys, do not shorter than 128 bits, so the interception of encrypted messages of computing flaxes is impossible. When implementing the system, precautions also protect the client from attempts to kidnap information directly from its computer.

Functioning of the payment system based on Digital Money PayCash - Ukraine

To work with the PAYCASH system, the user must be copied from the PayCash payment system website () the installation package "Internet. Wallet" version 2425 (the program is distributed free of charge, size installation File 1.8. MB) and install it on your computer

To install the application "Anncumbaminese" on your computer, after starting the installation package to fill all fields, require. Program and press "TLL button (Figure 71)

First, the program will ask you to specify the installation type - or the program is installed for the first time, or to update previous version. Then you need to carefully read the conditions license Agreement For use

"InternetMartzia", \u200b\u200band if the user agrees with all the items of the agreement, choose the point Jipuumau? * - *"Further"

In the next window, you should specify a directory to install the program, after which the program will report a successful establishment. Wallet. After pressing the button. The program will continue to configure the account parameters (Figure 72 73) and opening an account (Figure 74) in the payment system (when opening an account, it automatically falls into the "IMONEY-CLASSIC" tariff package In addition, users are offered I am the tariff packages "IMONEY-PROFESSIONAL1 "And" IMONEY-DISCONT ", depending on the selected package, tariffs for maintenance of the system are changed). After that, a window will appear with the message about the completion of YK moods. Internet wallet (Figure 75) and a window for replenishing an account (Rich76Nenenna Rakhunka (Fig. 7.6).

In the process of configuring and opening an account in the system, it will be proposed to specify personal data. Providing reliable information is mandatory condition using the system. The system, in turn, the obligations "" is associated with the confidentiality of the information received.

In order to pay for goods and services in. Internet, you need to replenish the account with real money

Enrollment of real money occurs one of possible methods Cash, buying in advance

post / bank transfer, making prepaid card, etc. (Table 71)

After crediting money to the PayCash system, the client creates one or more payment books in. Wallets and translate electronic money from account to them (Paycash turned real money and electronic). In the Paycash system user. Wallet gets electronic money anonymously. However, the bank can associate all payments received from one book. Therefore, those who cares about anonymity, follow more often to destroy payment records and create Novov.

Having electronic money on your computer in "Wallets", the client can make payments via the Internet (after forming an order in the selected. The online store needs to select the method of payment "Inter Refresh" and click on the "Pay" "glossy" button).

The PayCash system allows you to pay through the Internet a precisely specified amount of money (from 0.01 kopecks) no matter what amount is stored on the payment book. There are money on a book. GKO sharing and combine completely imperceptibly for the owner of the wallet. The owner is known only information about the total amount of money on payment books.

The seller accepts payments to his wallet only on the basis of contracts transferred to potential buyers. For. Wallet can be determined by the period during which it will receive payments based on sent to the contract. Thus, the store can be withdrawn from its database outdated unpaid orders. After checking these conditions, he refers electronic money to the bank for authorization. The bank, if successful, a secondment, is calculating the corresponding amount of money to the seller's account in the PayCash system. For services for such a scheme, the system takes 1% with transactionacities.

The PayCash system also provides payment reception services (instead of the seller), in this case, commissions are 2% of the transaction, and store accommodation services on PayCash - 3% from transaction

Table 71.

With the help of "abnormal" you can pay:

Communal and. Internet services;

Mobile Communication (Simsim, Ace

Cable and satellite. TV (NTV, VOLIA);

Products and services in more than 1000 stores connected to the "PayCash" systems "YandskSdengy" "Cypherrnint", "Webmoney", "E-Port" and others.

From the user's point of view (seller or buyer), Paycash system is a set of electronic wallets, each of which is a protected client program that allows you to translate and receive an electronic fighter from other wallets, store it in an Internet bank, output from the system to bank accounts or to other payment systems.

Today, Paycash Internet settlement system is considered a rapid, convenient and secure cash exchange to the cash exchange. Internet

»Payment System PayCash (Paekash)

Paycash Payment System (Paeksh)

The system of payments on the Internet in real time - Paycash (Paeksh) - is an payment systembuilt on the use of electronic signature. As a tool payments in the system email messagesSigned by the Issuer Bank of Virtual Money. This allows you to use "electronic payment records" for payments on the Internet. Unlike traditional systems tied to the client's account, trace the movement of funds inside Paycash for intruders is impossible.

Paycash is an affordable means of quick payments over a wide range of sums within the worldwide Internet network. Unlike traditional Internet banking, essentially replacing only a customer's personal visit with payment documents to the bank, this system will ensure a faster cash flow in the form of electronic banking obligations. Bank "TAVRICH" together with the group of companies "Alkor" first in Russia filed documents to the Bank of Russia for the right to emissions and the dissemination of "prepaid financial products issued in electronic form" - so, according to the Central Bank Russian FederationThe electronic banking obligations should be called, which in world practice is called "electronic money". This development is protected by two international patents. The first, pilot, version of the system, passing from February 1999 in the Russian Internet, became the winner of the National Intel Internet Prize Russian Academy Internet in the nomination "New Technologies".

PAYCASH technology (Pakesh)

The creation of PayCash has become possible after the appearance in the cryptography of one of the electronically digital signatures - blind signature (Blind Signature). Although an electronic money authentication algorithm is absolutely open (it is published on Paycash, there has been an independent Western expertise and patented), it is impossible to create payment records on it without PayCash Bank.

PayCash, unlike card systems, allows you to make income operations of small and micropagles. Visa estimates, the annual volume of operations worth less than $ 10 exceeds turnover by all issued bank cards. The main advantages of the PayCash system is the anonymity of payments, security and the rate of calculations.

To work with PayCash, it is not necessary to be attached to a specific account or be the owner of a credit card. Each user of the PayCash system is enough to open a payment book, which is a long sequence of numbers with current information, with any participant in the system can be both a payer and the payer of the payment. When paying for the purchase, the appropriate code is sent to the Seller's computer, which is associated with the PayCash bank operator, checking the authenticity of the payment book. In addition, the system memorizes the spent book value of the book and thus protects itself from copying electronic money - the cost of the cost of books will be automatically cut off with the system. For users of the system, the possibilities of free management of their own cash are opening. Users can make purchases in online stores and make payments of various characters in a wide range of amounts. For example, Internet access or submission of a subscription fee can be carried out by visiting the appropriate section of the PAYCASH payment system website (www.paycash.ru).

Bank "TAURIC" for three years has invested significant intellectual and financial resources in the PayCash Internet project. Now the created technology is in demand and enhanced. It is planned to widespread the PayCash system based on a network of equal partners related to the system of contracts and carrying out mutual clearing or offset.

The next step in the development of PayCash is the integration of the system with banking software, which will allow Paycash users to safely manage a real bank account in Russia.

Paycash is an actively developing payment system, gaining popularity among Russian users.

Paycash payment system review

Users system

Paycash supports work with banks and their customers. Banks are equipped with software, with which the input, storage and output of funds are carried out, as well as auxiliary options.

Customers are buyers and who have established the necessary software (Program "Wallet") and brought the score in the system. There is no clear division on sellers and buyers among customers. Each participant can act in both in the other role using one wallet.
To begin work, no credit card or bank account is required. A sufficient condition is to install the "Wallet" program, after which it is possible to enter means one of the proposed methods.

Technical Features Paycash Payment System

The system uses electronic cash - analogue of paper bills, but only in in electronic format. Money is protected in the form of reliable ciphers. They are not tied to the owner and possess their own value.

Each payment is accompanied by a contract in which the seller can register the goal and the terms of payment. The contract is fixed by electronically digital signatures of counterparties and bank. The technology used does not allow the Bank to find out the content of the contract.

The user can pay bills via the Internet immediately after money appears on his account. This opens payment book, one or more. At such books, you can credit funds from the account, in other words, to obtain monetary obligations of banks in electronic form. The client may accept obligations under anonymity, i.e. The bank and the seller will not be able to receive information about the account number and the owner of the wallet.

The payment system allows you to translate the exactly specified amount of money, regardless of the bills in which they are stored on the billing book. Absolutely all obligations are easily divided and combined on the book imperceptibly for the owner. The client receives only principled important information: The total amount of funds on the book.

The principal peculiarity of PayCash is that electronic currency Stored on the user's computer. Therefore, if something happens to the computer before, the client can lose all the money that he did not have time to spend or translate to another computer.

According to PAYCASH technology, such well-known payment systems are created as, Mobi.Money, Idealer, an express coin.

Possibilities for PayCash payment system clients

All participants have the opportunity:

Pay orders in online stores connected to the system;
Translate funds to any bank details;
Exchange currency with other participants in online mode or e-mail;
Take payments from customers and make out sales on the Internet.

Wallets are simple and full-featured. Full versions Support several banks, allow you to create several payment books and accounts, automate receiving payments. This kind of wallet is suitable for online stores. Users who use the system mainly to pay for goods will be enough to install a simple wallet.

Register in the paycash payment system

You can replenish the account in different ways:

cash in the offices of the company and its partners;
bank transaction;
according to the paycash prepaid map;
postal or telegraph translation;
using systems, Contact and Money Gram;
translation E-port from the system.

Also provided various methods withdrawing funds.

1. Introduction

Paycash payment Internet system a joint project Bank "Tavrichesky", OJSC "Corporation" Aerospace Equipment "and Alkor Group of Companies.

The system allows you to produce economical, safe, instant, private and, despite privacy, absolutely provable payments through open network Data transfer (Internet).

Paycash is the first and only Russian payment Internet system based on the classical digital cash technology (Digital Cash) originally proposed by David Chaum (David Chaum, ECASH system). Digital cash is the perpetual monetary obligations on the bearer, issued in the form of protected digital certificates that can be used for settlements through the Internet and are provided by ordinary cash at the time of the obligation to its issuer. Digital cash is another stage of improving payment systems that have already passed the impressive path from cash, metal coins and paper banknotes to non-cash calculations and plastic cards.

From the point of view of the user (seller or buyer), PayCash is a network of electronic wallets, each of which is a protected client program that allows you to translate / receive digital cash in other wallets, store it in the Internet bank, convert, output Systems on traditional bank accounts or other payment systems, and so on. Digital cash PayCash has all the positive qualities of ordinary cash, adding to them a higher degree of security, privacy, but the main thing is the cost-effectiveness of the payment system itself.

According to expert assessment, Paycash is one of the most advanced payment Internet technologies in the global market. The developers managed to exceed Western counterparts, the main of which is the "ECASH" system David Chaum, and achieve patent purity: priority in the US, three patents in Russia. PayCash technology is highly appreciated by leading world specialists in financial cryptography - in particular, Bruce Schneier (Bruce Schneier, Counterpane Systems). In 2000, the PayCash system was awarded the National Intel Internet Prize. The development of the PayCash system is actively covered in business, financial and computer publications; leading Russian magazine on modern computer technology - "Computerra" - called Paycash by the Russian leader in financial cryptography. Paycash has become the first Russian payment system that has received major external investments, as well as the first and so far the only Russian payment Internet system, which has begun successful promotion in the Western market (USA - Cyphermint.com), which were provided inclusive. Secure legal transboundary Internet payments from the United States to Russia. Paycash branches in Ukraine and Latvia serve local e-commerce projects and provide transboundary Internet payments to Russia. System partners are leading banks, companies and organizations.

2. Prerequisites

At the end of the 20th century, between the development of information and cryptographic technologies, on the one hand, and the development of payment systems, on the other hand, an essential gap was formed or, differently, a market niche. If earlier the improvement of information and cryptographic technologies entailed almost immediate improvement of payment systems, then with the emergence and rapid development of the information network, as well as modern means Cryptographies, a gap between informational and cryptographic systems, on the one hand, and payment systems, on the other hand, not only is not compensated, but also rapidly grow.

Traditional payment systems cease to meet most of the requirements for them as soon as these systems begin to be applied on the Internet. Six main drawbacks of traditional payment systems in relation to the Internet: 1) Low security; 2) no privacy; 3) Low transaction rate in comparison with the average transmission rate on the Internet of ordinary information; 4) complexity; 5) high transaction cost; 6) Significant limitations: Traditional payment systems make the implementation of micropagles, and therefore the maintenance of certain types of e-commerce based on microplates is absolutely irrational due to unprofitability of such operations.

The results of attempts to modify traditional payment systems through the creation of "Internet hybrids" do not withstand neither economic nor technical criticism: 1) Even after modifying the safety of the systems remains unacceptably low in comparison with possible financial losses; 2) privacy cannot be ensured in due measure; 3) cannot be achieved by a high speed of payments; 4) the payment algorithm remains too complicated; 5) the cost of transaction in modified systems remains extremely high; 6) The implementation of micropagles continues to be irrational due to the unprofitability of such operations.

Due to the domination on the Internet of traditional payment systems, e-commerce loses millions of dollars of lost profits every month; Including the following reasons: 1) unacceptable risks: Internet users prefer not to risk, and therefore payments are much less likely and in a smaller volume than if a secure payment system existed; 2) no privacy: Many Internet users prefer not to make payments, because it is afraid that information about the payments made can be collected by third parties and used against the users themselves; 3) Low transaction speed causes Internet users to resort to alternative ways receipt of goods and services; 4) the complexity of the manipulations necessary for making payments also makes purchases via the Internet not enough attractive; 5) The high cost of the transaction is inevitably reflected in the price of goods and services, which makes them not so attractive in the eyes of the consumer so that the latter can neglect the first four of the above disadvantages; 6) Significant restrictions, namely the absence of waybreak-free reception of micropagles makes maintaining a variety of online commerce species in principle impossible.

The foregoing prerequisites indicate that the e-commerce market exists an informed or unconscious demand for the new generation of payment systems, as well as that traditional payment systems - even if they are modified - not only not able to satisfy this demand, but are also An obstacle to the development of certain types of commercial activities on the Internet. Thus, it becomes extremely urgent need for a high-quality breakthrough in the development of payment systems, namely, the creation and distribution of digital cash systems that are capable of compensating for the resulting gap, since they have the following advantages.

3. Benefits of PayCash

Main advantages:

1) an unprecedented level of security, provided by using persistent cryptographic algorithms (in particular, RSA with a key length in 1024 bits or more), electronic digital signature (EDS), as well as so-called. "blind" electronic signature as protection tools: a) client accounts in the Internet bank system; b) electronic wallet and actually digital cash on the user's PC; c) produced operations; d) information about operations.

2) absolute privacy, provided by using the so-called algorithm in the system. "Blind" signatures: Collection, analysis and use by third parties for various purposes of information about users' actions is fundamentally impossible.

3) Unique speed. For the transaction, the shares of the second are required, and the Internet Bank server even on a low-power Pentium 200 / 64MB / 5GB computer can carry out up to 150,000 transactions per day.

4) the possibility of instant payments "Person to Person" (P2P, C2C). Users can quickly and safely translate funds to each other while maintaining the full privacy of transactions with respect to third parties.

5) Electronic document management: In order to maximize the protection of users' rights in carrying out certain payment transactions, the system will automatically protocate not only the fact of payment of payment, but also the fact of the exchange of transaction by legal obligations in the form of contracts or contracts subscribed by electronic digital signatures (EDS) of counterparties and Saved in electronic wallet users. This advantage allows paycash to be applied both in projects B2C and in B2B projects.

6) simplicity and accessibility. Payment of payments is fully automated while maintaining the minimum control from the user. The client requires a minimum of manipulations that, in turn, do not require special learning. For work in the system, nothing is required, except PC, Internet connections and free software installed from the Internet server system.

7) Extremely low transaction costs and, as a result, free service for individuals, low service costs for legal entities (online stores, etc.), a component of 1-2% of the transaction amount depending on the form of cooperation.

8) Break-sufficient microplates are possible up to 0.001 kopecks, which opens up new opportunities for the development of various e-commerce regions.

Other advantages:

1) The system allows the user to operate with digital cash on the Internet almost the same way as conventional cash out of the Internet: a) use digital cash, without opening an account in a regular bank; b) take the digital cash from the Internet bank account and stored in personal electronic walletwhich can be placed either on the hard disk of the user's PC, or on another compatible media; c) pay for certain goods and services on Internet sites connected to the system; d) if necessary, to produce both small payments and arbitrarily large; e) give / trick digital cash to other system users; e) quickly convert digital cash to normal money and vice versa; g) to carry out all payments absolutely privately.

2) Communication break resistance: If at the time of the transaction, the messaging protocol has not been successfully communicated to the end, none of the parties risks losing money.

3) Multicurrency: The system can maintain a potentially infinite number of various currencies and other financial units (electronic bills, electronic stocks, etc.) at the same time.

4) polybank.

5) Transboundary payments: within the framework of cooperation with the American company Cyphermint, Inc. (Boston, USA) American users of the payment system Cyphermint, working on PayCash technology, was given the possibility of safe and legal Internet payments to Russian e-commerce projects. A similar possibility is provided to residents of Ukraine and Latvia working with local PayCash branches.

4. Finance, service cost

PAYCASH connection is free for free for both individuals and legal entities. Introducing funds to the system is also free (the client only pays the cost of services of the agent - bank, mail, etc.). Service cost: 1-2% of the transaction amount (depending on the technological connection used by the technological scheme) is paid by the payer. When displaying funds from the system, the client pays 1% of the summary amount, as well as the cost of services chosen by the Transfer Agent (Bank, Mail, etc.).

Methods of converting funds in digital cash pays: 1) Conversion from cash in PayCash offices; 2) Conversion from cash by calling at the PajCash courier house; 3) Translation through Sberbank and other banks; 4) post / telegraphic translation; 5) through a prepaid scratch paycash; 6) Translation through this or that system money transfers (Westernunion, MoneyGram, etc.). Other. Reverse Conversion Methods: 1) Conversion to Cash in the Company's Office; 2) Conversion to cash by calling at PayCash courier house; 3) Translation through Sberbank and other banks; 4) post / telegraphic translation; 5) through a system of remittances; 6) by purchasing a bank debit card.

Together with leading Russian banks and processing companies, PayCash develops and implements Internet gateways that will allow Paycash to integrate traditional banking technologies, including Internet banking. Such gateways will allow clients of banks and processing companies to almost instantly enter / withdraw their funds to / from Paycash C / for traditional bank accounts and other payment systems.

Since the end of 2001, the provision of transboundary payments to Russia from the USA, Ukraine and Latvia has begun. All major Russian e-commerce projects are connected to this service, which are paycash customers.

The turnover of cost in the system is performed in the form of various system currencies. Some of them are convertible in traditional money, some demonstration.

5. Legislation

On the territory of the Russian Federation, the functioning of the digital cash system can be conducted: 1) on behalf of the banking structure after receiving the permission of the Central Bank of the Russian Federation in accordance with the instructions of 276-y and 277-y on issuing and disseminating prepaid financial products issued in electronic form; 2) on behalf of the subject of economic activity on the basis of current legislation.

Since February 1999, Paycash system has been a pilot period of operation on the second legal scheme. A more interesting for the participants may be the use of PayCash payment system when operating the latter on behalf of the banking structure. This requires obtaining the above permission of the Central Bank of the Russian Federation; Currently, the Akb "Tauride" is undergoing a procedure for obtaining such a permit, which can be a precedent for obtaining similar permission to other Russian banks, followed by the creation around the PayCash system of the banking pool.

The representative of the PAYCASH project entered the Expert Council of the Central Bank for the Development of Calculation Systems.

6. Clients

At the beginning of 2002, more than a hundred e-commerce projects and other companies are connected to the system and successfully (including Ozon, Bolero, Molotok.Ru, Colibri.ru, etc.) supplying various goods and services. In the near future, a significant expansion of the list of connected projects is expected due to the use of the external processing of the CyberPlat payment system, which is a PAYCASH partner.

Technological schemes for collaboration between e-commerce and paycash project can vary from using a variety of solutions for the integration of PayCash software with the client's web site to work through the so-called. "Payment Center", providing a simple technological reaction to the problem of receiving Internet payments.

The number of PAYCASH private clients is more than 30,000. Using PayCash payment system, customers can purchase books, video and audio cassettes, CDs, software, drugs, insurance policies and much more, and pay for cellular and paging services, service providers Internet access and IP telephony services, participation in online auctions and entertainment portals, membership fees and a number of other services.

7. Partners, Promotion

The development and promotion of the PayCash system is carried out in conjunction with a number of partners, including the Aerospace Equipment Corporation, the Association of Economic Cooperation of the territories of the North-West of the Russian Federation, the Academy of Regional Problems of Informatics and Management, Russian Cryptological Association, International Banking Institute and others. In December 2000, the Aerospace Equipment Corporation (a semi-state corporation operating in the Arms Market) officially announced the beginning of investing in the PayCash project. Already in 2001, the volume of investments by the corporation amounted to 10 million dollars.

In June 2000, the company "Cyphermint, Inc." (Cyphermint.com, Boston, USA) transferred rights to the use of PAYSASH technology around the world, with the exception of the countries of the former USSR. In February 2001, Cyphermint was signed by the first treaty with one of the leading American Internet auctions BIDZ.com. In November 2001, cross-border Internet payments from the United States to Russia launched.

Paycash branches in Latvia (Riga), in Ukraine (Kiev), as well as representative offices in a number of the largest Russian cities.

An agreement was signed with a guitle on the joint promotion of Telebank and PayCash systems with the creation of an online gateway. Signed similar agreements with a number of other Russian banks. An agreement on cooperation in the field of promotion of the PayCash system with OJSC Electrosvyaz Kaluga was signed.

In May 2001, an agreement was signed with the CyberPlat payment system, which marked the beginning of long-term cooperation. At the first stage of the joint program, the creation of a gateway between PayCash and the CyberCheck system in order to use CyberCheck as a PayCash electronic wallet replenishment tool. At the next stage, it is supposed to include Digital PayCash cash in the number of payment instruments taken to pay by online stores connected to cyberplat system. In addition, companies intend to jointly work out the risk-free circuit of using credit / debit cards to replenish paycash accounts, as well as study the feasibility of using some PayCash technologies for the purpose of expansion functionality CyberPlat systems.

At the end of 2001, in the PayCash system, the possibility of cross-border payments was implemented. Users of the American, Ukrainian and Latvian payments of the PayCash payment Internet system were able to pay for goods and services in Russian online stores connected to the Russian PAYCASH system, as well as to use money conclusion services provided by the Russian segment using their account from the local system operator. .