Most retail commerce payments (online and at retail stores) use credit cards either directly or through a “wrapper” service. These payment methods levy high commission fees usually between 3 to 15%, borne either by the business or passed on to the consumer (in whole or in part). There is great potential to use a cryptocurrency platform to mitigate high fees, credit card fraud and other disadvantages of current credit card payment systems but it has yet to evolve into a widely accepted means of payment.

PumaPay champions a decentralized platform that creates a payment protocol combining the benefits of traditional billing systems and blockchain technology. Credit card processing systems are slowly becoming obsolete and there is a need for a new payment protocol for a digital, near-real-time, global economy. PumaPay seeks to modernize payment processing systems by creating a cryptocurrency economy or ecosystem built on the PumaPay Pull Payment Protocol. Thus, PumaPay’s innovation is a new architecture built on smart contracts called “Pull Contracts”.

The Benefits of PumaPay

There are several benefits to using PumaPay. First, it provides a scalable, efficient, cost-effective billing mechanism compared to other current billing methods. The blockchain platform provides easy onboarding tools for businesses.

Secondly, plug-ins for billing solutions will allow acceptance of cryptocurrency without the need for a layer of banking transactions usually used with common billing types (eg. recurring, single use, pay per use, scheduled payments, monthly subscriptions or one time payments).

Thirdly, the platform will increase trust between customers and businesses by using superior security and privacy protocols. The protocol will include security extensions of a money back guarantee (allows for purchase cancellation) and restricted payments (allows wallet owners control over connected wallet activities).

Finally, the use of Pull Contracts will eliminate charge backs and steep middle-man transaction fees (as high as ~15%).

Partners and Collaborators

PumaPay already has some collaborators and is working with Alignment Blockchain Hub, Coin Tree, I’mLive.com, and Chatmaker. These partners are involved in the road map development plan to provide components of the PumaPay ecosystem such as Chatmaker integration, addition of I’mLive.com, creation of android and iOS wallets, and further blockchain development. Partners will incorporate the PumaPay Pull Payment Protocol into their platforms and work towards widespread adoption of PumaPay Token. PumaPay will provide incentives for Businesses and Service Providers to utilize the PumaPay Pull Payment Protocol. As a way to encourage growth and uptake PumaPay will allot 10% of the tokens to early adopters based on their implementation and protocol use. In addition, PumaPay will enable third party companies to create a layer of services on top of the Protocol contributing to the PumaPay ecosystem – it will allow for new business opportunities for businesses (e.g. credit networks, security, code verification and more).

The PumaPay Token

The PumaPay token is designed using the ERC223-compliant protocol (an extension of ERC-20) to generate its Pull contracts. The token will list on exchanges as PMA. The ICO is scheduled for March 15-27th, 2018. More details of the ICO can be found on PumaPay’s website.

Summary

PumaPay is a flexible Pull Payment Protocol that can be customized to meet specific needs of almost any business. The possibilities are endless for what can be done with the Pull Contracts and it is this open-ended flexibility that sets PumaPay apart from traditional payment systems and its competitors. This “all-in-one” solution will surpass existing payment and blockchain payment limitations with a hybrid billing mechanisms for e-commerce, online services and traditional merchants. PumaPay has huge upside potential if they can deliver on their ecosystem creation. The fact that PumaPay can eliminate charge backs and intermediary transaction fees will easily attract new businesses to their ecosystem. PumaPay’s PMA token is a very strong buy.

PumaPay Website: https://pumapay.io/

Bitcointalk PumaPay thread: https://bitcointalk.org/index.php?topic=2658299.0

PumaPay Telegram group: https://t.me/PumaPay

____________________

Written by g.m.tyshenk

Bitcointalk Profile Link: https://bitcointalk.org/index.php?action=profile;u=1064658

Bitcointalk UserID: g.m.tyshenk

Telegram UserID: @gtyshenk