Pay-Me.ru Is Using Blockchain to Verify POS Device Applicants

January 18, 2024 by
Pay-Me.ru Is Using Blockchain to Verify POS Device Applicants

Pay-Me.ru, a Russian payment service company started utilizing Blockchain technology to verify its POS device customers.

According to a Pay-Me.ru, they are going to use Block Notary’s app, which help store digital fingerprint of files using a public ledger that relies on the Blockchain technology.

Since credit card fraud is widespread in Russia, scammers often use mobile POS devices to launder money. To combat this, Pay-Me. Ru is currently interviewing each POS device applicant in person. With the Block Notary’s app, they will now conduct these in person interviews over a video interview and the POS device customer’s statement of intentions will be recorded.

With the new video interview process, Pay-Me.ru can ship the POS devices before completing the background check, which will speed up the application process and help smooth the onboarding process. Later, the company staff can go through with the formal due diligence process.

Since the Blockchain technology will be used to maintain the public database, the whole process can be verified that the people who are appearing in the video interviews are not impersonating someone else to get approval.

Commenting on using Blockchain technology to manage a distributed database of applicants, the Chief Executive Officer of Pay-Me.ru said that “recording a video of yourself during the registration process helps prevent fraud. As CEO, I’d like to make it as difficult as possible for criminals to use Pay-Me to conduct illegal activities.”

Block Notary developed their app using core technologies from a company called Tierion, which offers a cloud platform backed by Blockchain technology. Tierion is currently in the process of developing some interesting applications using the Blockchain. For example, they are exploring the possibility of developing a process of background checking potential tenants, purchasing firearms, and insurance claim submissions.

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