PumaPay is a revolutionary payment protocol that will fuse the benefits of cryptocurrencies with the flexibility of traditional payment methods to create the first payment system designed specifically for digital trade. This protocol will allow businesses to set up direct debits, subscription fees and pay-as-you-use systems using cryptocurrencies for the first time. This brilliantly engineered implementation of blockchain technology and smart contracts will make it possible for crypto to become a standard payment method in virtually any industry.
How does the PumaPay Product Work?
Cryptocurrencies have so far been set up as push protocols, whereby a customer initiates a transaction and sends money to a business for a payment. This is more than adequate for basic e-commerce transactions. However, payments are often more complex, say for example when a business generates an invoice and then takes the payment from a customer’s account. The option to perform transactions like this on a large scale just didn’t exist in crypto until the arrival of PumaPay. Their protocol uses smart contracts to facilitate pull transactions, where a business takes or pulls, funds from a customer’s account based on preset rules, just like a direct debit for a utility bill.
What is the Technology behind PumaPay?
Smart contracts on the Ethereum network are what drives the PumaPay protocol. These contracts can be coded in an almost infinite number of ways, giving businesses the options to use any kind of payment method they choose and even creating their own custom payments. These contracts will set the ground rules and limitations for when businesses pull funds from customers. The agreement could be a regular monthly subscription or a direct debit for a phone bill. The smart contracts will automatically handle all payments and PumaPay even provide a medium through which to make payment. All exchanges of value through the PumaPay protocol will be done using their own ERC-20 token, PMA. By designing their protocol from the ground up with digital business in mind, PumaPay has given cryptocurrencies all the same capabilities as fiat.
What Industry is Pumapay covering ?
The PumaPay protocol is exceptionally versatile and can be implemented in any online business, as well as a large proportion of offline businesses. Electronic payments and fund transfers are now standard with all classes of industry and the universal nature of the PumaPay means it can replace any payment method currently done through a credit card or bank account.
What is the Future Potential of PumaPay?
There is huge potential growth in PumaPay’s future. Not only does it offer a viable option for businesses to integrate cryptocurrencies into their payment methods, it also offers a much cheaper alternative to credit cards and banks. It delivers benefits like near instant clearing and settling times, transparency and ability to make cheap international payments, while at the same time cutting out all the intermediaries that make the fiat banking system slow and inefficient. PumaPay envisions reaching a critical mass of users in the short term that will propel crypto, and the PMA token in particular, into mass adoption by businesses.
What is Next on the PumaPay Roadmap?
Having just completed a very successful Token Generation Event, PumaPay is moving into the second stage of their roadmap. The plan is to develop and release the second version of their wallet that will support recurring payments, as well as the building of Software Development Kits to allow developers to create extensions and platforms that will integrate seamlessly with PumaPay. The Pull Contract Wizard will also be implemented, allowing the writing of specific smart contracts that will drive different types of payments.
Website: https://pumapay.io/
