Bank of Shanghai Operates BitMint Payment Technology
The Following is an English Translation of a Press Release by the Bank of Shanghai
Shanghai, December 24, 2018
No Cash, No Network, "Pay as You Like" Mobile Payment System
You don't have cash, and the network is down, don't be embarrassed -- Bank of Shanghai (stock code: 601229) offers you an "Upward Pay" option with your mobile phone. Compared to traditional electronic payment methods, Bank of Shanghai built a diversified payment solution based on BitMint, Israel, quantum security and Edge Computing payment technology. Payment is faster, more secure and otherwise more advantageous.
This "upward pay" innovation first reflected in the edge calculation: payment calculation is embedded on the client side, without server participation in the trading process. Payment load is distributed to the mobile phones, reducing the pressure on the server. Second advantage: safety and efficiency: the payment uses a random number security policy. Compared with encryption algorithms, the random number is unpredictable and the processing speed is greatly improved. Third advantage: the payment does not depend on the network: "Upward pay" happens through client to client transfer of random data, based on payer credit credentials. It is not necessary for the network to be involved. The fourth advantage is diversification of terms of payment. Users can set terms according to demand, such as increasing the validity period of payment, limiting payment to specific uses, personal identification, etc., thereby reducing the payment costs and risks in many business scenarios, and improving payment efficiency.
It is hereby announced that the "upward pay" has been put into a small trial scene. Bank of Shanghai selects some customers to carry out a pilot experience, and strives to get more market demand and optimization suggestions from real user feedback. In the next phase, the bank will work with some merchant channels to extend the “upward pay" to more use scenarios.
Industry experts say this "upward pay" heralds the possibility of more development and innovation in future payment methods. From a security point of view, quantum stochastic generators can be used to generate physical random numbers in the future, to eliminate the possibility of hacking into the system, and to significantly increase the speed at which random numbers are generated, to meet the demand for large traffic payments. From the point of view of commercial scene, whether it is merchants, point-to-point payment, international trade and other scenarios, all can take advantage of the "upward pay" diversified characteristics, according to different needs to increase the conditions of payment, and reduce payment processing costs.