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A PROCESS OF DIGITAL PAYMENT FOR FINANCIAL TRANSACTIONS THROUGH DIGITAL TOKENS FOR PREVENTION OF MONEY LAUNDERING, FRAUD, TAX EVASION, TERRORISM FUNDING, TRANSPARENCY AND SAFETY OF FUNDS.
A PROCESS OF DIGITAL PAYMENT FOR FINANCIAL TRANSACTIONS THROUGH DIGITAL TOKENS FOR PREVENTION OF MONEY LAUNDERING, FRAUD, TAX EVASION, TERRORISM FUNDING, TRANSPARENCY AND SAFETY OF FUNDS.
Said invention is related to process of digital payment system that is a blended combination of payment gateways, e-wallets, uniquely identified single time one way transferable digital/virtual tokens backed by fiat money issued through lien marking and an immutable block chain mechanism for initiating, facilitating, recording and maintaining token based transactions. Process of this digital payment system was developed with the aim to provide a full proof mechanism to crack down frauds, transaction tampering, money laundering, tax evasion, unauthorized third party payments, terrorism funding, smurfing and safety of funds in transactions. The procedure and design of this digital payment system was designated in such a way that it is capable to provide full safety and security to user™s funds from hacking attacks. This digital payment system was designed to complement the current banking system which will bring new revolution in payment system by making the digital payment services very fast, efficient, transparent, convenient, easy to use and very secure that™s too at very low cost. This digital payment system was designed by taking all the considerations in mind to not only overcome all the problems associated with current traditional payment system, but on the other hand this digital payment is also very scalable and future ready to handle all the changes in the payment system to suits the needs of any dynamic economy.
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