Russian Mobile Payments Processor Pay-Me Tests Blockchain For Customer Onboarding

Pay-Me, a Russian mobile payments processor, is testing a notarization tool based on the bitcoin blockchain to simplify the onboarding process for its customers, CoinDesk reported.

“BlockNotary’s new app uses Tierion to simplify the customer onboarding process for Pay-Me, a Russian mobile payments processor with over 30,000 installed devices”, Tierion says in a blog post.

BlockNotary allows storing of digital fingerprints of users’ files in the public ledger called “The Blockchain”. At present, new Pay-Me customers need to visit an office for an interview with a customer service representative before shipping a point of sale (PoS) device. Blocknotary replaces this in-person visit with a video interview conducted via a mobile application. Tierion is used to collect the data and create a verifiable record of the entire process.

“We’re thrilled that Blocknotary chose to build their new product using Tierion. The company is exploring other applications for this technology including tenant background checks, purchasing firearms, and insurance claims submissions”, AllCoinsNews quoted Wayne Vaughn, Founnder and CEO of Tierion.

This not only makes the onboarding process easier for new customers, but also allows Pay-Me to ship a PoS device before the completion of background check. Moreover, Pay-me gets a tamperproof record of the entire process that can be verified using blockchain, which in turn will lower its legal liability and be useful to police that are investigating fraudulent activity.

“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”, said Pay-Me CEO, Vladimir Kanin in a statement.