The PayLive Invention

Today's Business Model
In today's industry business models, the merchant stores their customer's credit card information, and all other personal information, on their enterprise servers in the cloud. It has been the standard model from the beginning of large scale computing to store the massive amounts of personal information it gathers on their centralized servers in a local data center, or in the cloud. This scenario has led to enormous dollar losses, personal privacy exposure, and identity theft, to millions of people. Huge centralized servers are the perfect opportunities for intrusions by motivated hackers. That these devastating costs to customers, occur every day, around the world, clearly demonstrates that this data is far too valuable to be stored on remote centralized computer systems. History has proved that security simply cannot be assured.

Truth is, this business model has worked well, except for those large customer losses. For this reason it has essentially not changed since the beginning of computerized transactions. But it has proven to be a disaster for customer security and personal privacy, and businesses know it. They have just not known how to break from this paradigm and replace it with a better, new, transaction model.

The PayLive Invention Model
The new PayLive Invention is the inversion of the conventional credit card processing model in the industry today. PayLive turns the tables upside down on this broken model. It does this through proprietary design, methods and processes that store the deeply encrypted credit card data only on the buyer’s device- their smartphone, tablet, or desktop. It is the basis of this philosophy that personal data and financial data are too important, and dangerous, for the merchant to hold in trust for a customer. Customer data is safer in the hands of that customer, on their device. It is the invention of PayLive to manifest this intention by creating the ability to move this personal data securely during the entire transaction instance. 

The essence of the PayLive invention's paradigm change is that now there is no buyer payment information on centralized merchant servers to steal. If a phone were to be effectively hacked, the absolute worst scenario is that encrypted card data of only one buyer could be stolen, and not compromised. The ratio of one theft versus many million scenario makes it very unlikely that hackers will perceive a worthwhile return. For that reason, hacking of single phones does not happen in the practical world today.

In the PayLive invention's model, the buyer’s card data is encrypted and stored on their phone without ever being present in the phone at the same time with their associated Encryption Keys. The details of the invention are the proprietary secure processes, and methodologies employed, in which the encrypted card data is stored and securely moved through the transaction process to the payment outcome. This is a completely new and original process design, innovative, and more secure than current methods utilized in payment industry today. Specific details are available with the signing of an NDA.