Paygine - Open finacial platform

P A Y E N G I N E L I M I T E D & BEST2PAY
Pay Engine Limited is an international payment processing company founded in April 2012 in the United Kingdom. Its founders included experts from the banking sector, who brought a wide range of experience to the company, including successful projects implemented at American Express, SEB, Bank St-Petersburg, Sberbank, Renaissance Credit, ABN-AMRO and RBS. Pay Engine Limited is the owner of the Best2Pay brand.

Today, Best2Pay services are used by finance and technology businesses, e-commerce, and beyond, to service more than 1.5 million clients every month, with a portfolio of more than $18 billion in serviced loans, with the number of end-customers increasing by an average of 34% per month. The Best2Transfer platform was recognized by The National Banking Journal as the product of the year for banks in 2015.

The Best2Pay service offers many advantages over competitors, including:

• Speed & Simplicity: clients can start accepting online payments in just one day 
• Safety & Security: Best2Pay has a Level 1 certificate of compliance with international PCI DSS security requirements 
• Cost Efficiency: Best2Pay is the only participant in Visa International’s “Bill Payments” program, enabling us to reduce the cost of the transaction interchange fee by 42.8%

The Best2Pay service also already includes the provision of information on transactions in the formats of the merchant’s accounting system, the calculation of the commission at the time of payment, SMS (text message) invoicing, IVR (telephone) payments; payment using social networks and instant messenger networks, and more. Best2Pay currently works with more than 50 clients, including banks and other financial services companies

Best2Pay – a market leader in online repayment of loans 
2015–2017 revenue per month, repayment of loans, and peer-to-peer transfers (USD, millions)

Why Cryptocurrency? 

Cryptocurrency and the innovative blockchain technology behind it are more than passing fads or investments. They help democratize banking and exchange services, making them available to billions of people around the world who are currently not serviced by the existing banking and financial system. With cryptocurrency, no central bank is required. Instead, users can directly exchange currency, goods, or virtually anything of value with other users. Such an exchange is: 

• Digital. It does not require physically mailing documents , titles, or satchels of cash. 
• Instant. Much like sending an e-mail, the transaction can be transmitted world-wide in seconds. 
• Secure. The military-grade encryption used by the system renders it unhackable. 
• Worldwide. It is available to anyone, anywhere. 
• Non-discriminatory. No central authority can block access or transactions.

Cryptocurrency Problems & Obstacles 

Cryptocurrencies have many advantages over the traditional banking system. Some of the traditional banking system’s barriers and shortcomings that are overcome by cryptocurrency include: 

• The possibility of governmental and oligarchic influence; 
• Difficulties of companies and entrepreneurs in different countries and regions in reaching mutual settlements; 
• Slow speed of transaction processing, currently not meeting the requirements of online business; 
• Inflation; 
• Lack of transparency; and 
• Higher cost of services compared to cryptocurrencies.

P A Y G I N E : THE SOLUTION

Due to the technical and regulatory complexities of each country, cryptocurrencies do not yet have the convenience and worldwide acceptance of traditional payment instruments like bank accounts, credit cards, and cash. Paygine will solve this problem by offering a universal open financial platform, which will connect the worlds of cryptocurrency and traditional payment instruments.

Summary of Paygine Functionality

Put simply, Paygine will allow both individuals and businesses to maintain wallets that hold a mix of their preferred fiat currencies and cryptocurrencies, with easy conversion between them; to use a bank card to buy whatever they want online or in stores around the globe (and allow sellers to accept such payments); and to transfer their money to or from any other user in the world instantly and securely.

Cryptocurrency & Blockchain Technology

The Paygine blockchain—or rather,Paygine Distributed Ledger Technology (DLT)—provides transparent and secure interaction of the platform’s participants. Paygine will use blockchain technology in the following ways: 

• Building Paygine DLT, a decentralized ledger, to register all transactions in the system. All Paygine participants receive unique Paygine-ID identifiers. 
• The information is available only to participants involved in the transaction and to the platform administrator (arbitrator). The transaction receives a unique code in the system, which can be used to obtain detailed information on the operation in real time. The use of blockchain technology makes it possible to monitor the information’s invariability and its safety at the network nodes available on different continents. 
• Implementing basic application program interfaces (APIs) for accessing Paygine DLT services. Using the Paygine-ID, the client can interact with Paygine DLT using the API provided. At the first stage, the client will have access to information on his or her own transactions and publicly disclosed information (exchange rate, reference, information, etc.).

DEPOSIT AND WITHDRAWAL

 Maintaining a wide range of ways to deposit into accounts, wallets, and private individuals’ cards on the Paygine platform, as well as developing extensive ways to withdraw funds from them, is crucial when choosing and evaluating the convenience of working with a particular platform. We will pay special attention to expanding the channels for depositing and transmitting payments on Paygine’s platform. In addition to traditional channels such as cards, accounts, and cash, we will actively connect new channels for depositing and paying using cryptocurrency.

Initial Coin Offering

In order to raise funds necessary to develop the Paygine platform, the founders will hold an initial coin offering (ICO). The ICO will allow investors to obtain Paygine tokens (PGC) that will be used to pay for platform services. The ICO will have two major stages: pre-ICO and ICO. PGC tokens distributed during the preICO stage will be offered at the maximum discount. 

• Purchase currency: BTC, ETH, or various fiat currencies (to be determined) 
• Minimum amount needed to launch the project: $3,000,000 
• Maximum amount: $30,000,000

Token description

• The PGC token will be the basic functional tool on the Paygine platform and can be purchased through the ICO sale. Token holder will have the right to pay for goods or services using tokens with a discount from 10 to 30%. 
• A finite number of tokens (151,750,000) will be generated. There will be no additional tokens issued.

PGC Token Distribution 

The total amount of PGC tokens will be limited to 151,750,000. This total will be broken down as follows:

A further 87,742,392 tokens will be reserved for bonuses. All unsold tokens will be reserved for future use and will be kept by the Paygine platform. Reserve tokens will be put on hold for two years, pegged in a smart contract. The remaining 22,500,000 tokens will be distributed among the project team members.

Bonus System

Bonuses will be awarded depending on the timing and investment size. The earliest investors will be awarded with the larger bonus. The tickets exceeding 2 BTC are eligible for the special bonuses. Bonuses will be awarded depending on the timing and investment size. The earliest investors will be awarded with the larger bonus. The tickets exceeding 2 BTC are eligible for the special bonuses.

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