Title: PayGate, “KYC Account Authentication” based on Blockchain Technics

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PayGate, “KYC Account Authentication” based on Blockchain Technics 


































PayGate, electronic payment (PG) service provider, announced on 12th that it will launch the service that authenticates identities of users through their accounts, which is called as “KYC Account Authentication.”

The service allows the payment to be transferred only when Sender and Receiver are recognized as consistency, which is one of the alternatives to complete certification if Public Electronic Certificate expires.

For KYC Account Authentication, the system will open Penny test by sending a small amount (1 KRW WON) to the merchant and authenticate via internal control to make sure its intention. PayGate announced that the service is no longer accessible to only few appointed persons but the company itself as well.

Besides, the result of KYC authentication will be recorded on Blockchain, which supports as an evidence if any discrepancy exists in trading partners.

The service will first be open to crowd funding members using Seyfert FinTech platform for P2P business. “We will provide free charge for our customers and charge merchant clients KRW 390/ per ticket to promote our service,” said an official of PayGate.



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