Pay for goods in stores and withdraw money from ATMs using your smartphone, without debit or credit cards

#DCCTECH

P100

#Pay for goods in stores & withdraw money from ATMs using your smartphone, without debit or credit cards

#Go Contactless, Go Cardless #DCCT In Action #Tokenization #Improve TB Business

#Introduction

Now that we are fully digitized and want to pay for goods in stores or withdraw money from an ATM, is it necessary to use pieces of plastic, such as debit and credit cards? Is it necessary to use outdated devices that no one understands what they are for, except that they are forced by certain companies that refuse, or perhaps are unable to adapt to change?

On the other hand, what benefits do we actually get from using digital wallets and other apps that are obvious to collect personal data from our devices? Is it possible to prevent tracking of our money flow by third parties?

A new era requires a new approach to problem solving and new solutions.

#Go cardless and contactless: plastic is bad for the environment

Let's say we are paying for goods in stores and we want to use our smartphones to complete the transaction. No credit or debit cards, no POS terminals, no additional equipment, it's just to have a bank account and use the smartphones we carry with us every day. This applies to both customers and merchants.

The merchant opens an app on their phone, while the customer places their phone near the merchant's phone and initiates the funds transfer, for example by playing a beep on their device. After the beep is detected and recognized on the merchant's device, a notification is sent to a remote database server to generate a payment request. The request is then forwarded to the payer's bank to approve (or not approve) the transaction and notify the participants of the outcome.

That's all it takes. No payment cards, expired dates, connection issues, stolen PINs, app-only devices... And no inexplicable insight into your bank account balance from those who shouldn't even have access to your account.

#How secure is the flywheel app?

The referred app is not an installable app, it is a web app that is used through your smartphone's web browser (it works with any browser, Chrome, Opera, Safari etc.). Accordingly, there is no possibility of compromising, intercepting or collecting sensitive user data (such as bank account information) or personal data from the user's device. Everything is done within seconds and is completely safe.

So, how can this be achieved?

#The solution lies in the use of DCCT

Digital Chip Card Technology ("DCCT") enables devices at a short distance from each other to securely store and wirelessly share sensitive data or other data that requires authentication. DCCT solutions are applicable in all operating systems and on all desktop and mobile devices.

DCCT provides cryptographic encryption of the transmitted data and prevents it from being modified, lost, corrupted or misused along the way.

#Security tags and the carrier of information

DCCT introduces automatically generated security tags, which include hash code, IP address, public key and timestamp, and are held responsible for verifying the authenticity and integrity of transmitted data.

In order to efficiently manage banking transactions between two devices, DCCT uses sound as the carrier of information underlying the data transmission process. DCCT acts as a more secure alternative to conventional Near-field communication ("NFC") technology, as it protects the user's sensitive data from being compromised all the way through the transaction and after its completion.

#Advantages of implementing DCCT

We can utilize DCCT solutions to pay for goods in stores and withdraw money from ATMs using your smartphone, without debit or credit cards, establish a secure connection between the corporate server and the bank server, control access to bank accounts, etc.

The benefits are numerous:

DCCT communicates only through web apps and cannot collect personal data from your devices.

You don't need to install other apps that could potentially compromise your privacy.

To use DCCT, you do not need to purchase additional equipment.

You can use any smartphone, tablet, smartwatch or computer, any web browser and any operating system on your device.

You don't have to use any accessories such as smart cards or point-of-sale (POS) card readers.

You need no payment (debit, credit) cards at all.

You don't have to use digital wallets.

Only use your personal device (smartphone, tablet, computer) that you carry in your pocket, use at home or at work.

Your device is always "DCCT-enabled".

If you are interested in this FinTech solution, please contact us and send us an inquiry.

#In the service of protecting sensitive data

The business system of a company or organization often contains sensitive data, which includes personal and business information that, if disclosed or compromised, could cause adverse consequences for the individual or company to which the data relates.

Common examples of sensitive data are a person's genetic or biometric data, credit card information, health records, information about sexual orientation and sex life, financial information, trade-union membership, and more.

#What is tokenization?

Tokenization is the process of replacing the sensitive parts of the original data set with non-sensitive data and storing the sensitive parts in a secure location on a trusted medium and out of the reach of cyber attacks.

The non-sensitive replacement is called a token. Token refers to a set of alphanumeric characters that prevent the compromise, interception or collection of sensitive user data or personal data from a user's device.

#Tokenization against data breach

A tokenized system is considered a safe harbor for sensitive data. Even if such a system were to face a potential data breach, there is no valuable information to intercept or steal, as the sensitive data has already been tokenized and transferred to a more secure destination.

The tokens themselves have essentially no value and cannot be misused to cause any harm.

#Tokenization vs encryption

Although they represent different ways of data protection, tokenization and encryption are not mutually exclusive, on the contrary. Tokenization and encryption work in tandem and complement each other.

Sensitive data remains sensitive no matter how secure the remote destination is. It is highly recommended that such data be encrypted before it is stored for an extra layer of protection. Data decryption can only be done by a cloud-based application running on a centralized server that manages the entire tokenization and encryption/decryption process and using the appropriate crypto key pair.

Unlike encryption, tokenized data is undeciphered and irreversible, meaning that there is no key that allows the token to reveal the data it corresponds to. Detokenization exists in the sense of exchanging the token back for the original data, not in the sense of extracting sensitive data from the token.

On the one hand, encryption requires a reverse decryption process to close the loop on data protection, while tokenization explicitly prohibits such a process in its scope.

#Secure location for storing sensitive data

Sensitive data can be stored online or offline, permanently or temporarily, depending on the data storage strategy chosen and how often that data may be accessed for future use. A secure destination can refer to a remote database server, removable digital media or tapes, which have become indispensable in protecting sensitive files and information.

Data storage maintenance may or may not be outsourced, but it is advised that sensitive data and tokens are kept away from each other and not part of the same operating environment for security reasons.

#Step into the future of banking with DCCT

Digital Chip Card Technology (DCCT) enables us to pay for goods in stores and withdraw money from ATMs using our smartphones, without debit or credit cards, establish a secure connection between the corporate server and the bank server, control access to bank accounts, etc.

#Digital chip card technology ("DCCT") allows devices at close range to securely store and wirelessly share sensitive data or other data that requires authentication. When paying for goods in stores, the merchant opens the DCCT app on their phone, while the customer places their phone's speaker directly above the merchant's phone microphone and initiates the fund transfer by playing the token-given beep on their device. After the beep is detected and recognized on the merchant's device, a notification is sent to a remote database server to generate a payment request. The request is then forwarded to the payer's bank to approve (or decline) the transaction and notify the participants of the outcome.