A lot of crypto holders keep their assets on different wallets. Embily team took this fact into account and developing an additional function to its payment system.
At the moment, Embily Payment Platform offers a payment card which you can top up by using bank transfer or cryptocurrency (BTC, ETH, USDT) through the application, but also we will finalize a wallet that is similarly will be associated with the card and write-off for the purchase will be held from it.
Our wallet will allow holders to safely store their assets and quickly use the funds in everyday life by using the card everywhere in the world at ATM or make a purchase through any POS terminal and even online.
Also we want to demonstrate how purchase authorisation occurs on the diagram.
1) Cardholder presents a card to pay for purchases.
2) Merchant processes the card and transaction information, and request an authorization from the Merchant Bank.
3) Merchant Bank submits the authorization request to Payment system (Union Pay/Mastercard).
4) Payment system (Union Pay/Mastercard) sends the request to the card issuer(Issuing Bank).
5) Issuing Bank sends the authorization and verification request of nominee account to B.I.G Application Layer.
6) B.I.G Application Layer sends the write-off request to Business client.
7) Business client approves or declines the transaction.
8) B.I.G Application Layer forwards the business client’s authorization response to the Issuing Bank.
9) Issuing Bank forwards the response to the Payment system (Union Pay/Mastercard).
10) Payment system (Union Pay/Mastercard) forwards the response to the Merchant Bank.
11) Merchant Bank forwards the response status to the Merchant.
12) Merchant receives the authorization response and complete/uncomplete the translation accordingly. Print a check.
The request for write-off of funds is proxied to the bussiness client which allows to use the cards as part of the wallet, attached to the balance of any currency or virtual assets. The processing time for all requests is 2 seconds!