Today the role of internet in business market is increasing day by day. A lot of people uses internet payment system approach for their money transfer. But their are very high risks associated with Internet Payment System. For example in credit card payment system the buyer has to fill up the personal information such as the credit card number which can be used by the receiver in a wrong ways. These includes tampering of records during a transaction and the theft of an identity with the help of that unique number. To avoid such frauds Pay Cash is the best option. Pay Cash is an Internet Payment system that follows the concepts of electronic cash. It is an effective way of payment where the security risks are high. The algorithms used in this payment system are designed in such a way that it keps record of all transactions. The records are necessary to protect any party from fraud. The fund sending party, receiving part and the payment medium cannot forge the transaction.
Pay Cash is an Internet Payment System
Design goals of internet payment system(Pay cash)
Protection of Privacy: The Internet Payment systems are designed in such a way that the transaction between the buyer and seller occurs without sending their personal information.
Protection from password guessing: The internet payment systems uses a wallet software to encrypt the information provided by both the parties. The buyer or seller places this wallet on their own computer. So that the hackers will not be able to guess their password. Because to open a wallet it requires login from that users domain.
Tamper proof records: The records of the Pay cash System cannot be changed. Thus forgery is impossible.
Support for Multiple Currencies. Pay cash is adequate for various types of currencies payment. Currently it supports payment in more than four billion currencies which can be real or merchant specific.
Less Expensive: For every transaction the charges paid are cheaper than other forms of transaction.
Protection from Internet users: The other users can read your information on the internet if you are using a common Internet payment system method. But if you are using Pay cash then you need not to worry because it is designed in such a way that the sent informationcannot be hacked by any user on the Internet traffic.