With PumaPay’s blockchain solution the acceptance of cryptocurrencies will be far more widespread. The flexible nature of its protocol also makes it capable of addressing a wide range of options which could be implemented either through ready-made or tailor-made solutions.
PumaPay has quickly been developing technology under the radar which could vastly increase utilization of cryptocurrency as a means of billing and payment. Pumapay has been developing what they have called a ‘PullPayment Protocol’, which would in effect modernize the payment processing system for use of cryptourrencies, and in turn lay the foundations for a thriving cryptocurrency economy.
One of the major roadblocks cryptocurrencies encounter on the path to wide-spread adoption is related to the secure nature of the underlying blockchain networks. Simply put, all cryptocurrencies utilize a ‘push’ payment system whereby the buyer initiates the payment to the recipient.
In contrast, many payment systems utilize ‘Pull payments’ where the seller pulls the funds from the buyers account, after having already coming to an agreement and giving the seller access to pull necessary funds. Through this type of payment system, sellers can withdraw funds from a buyers account for things like recurring billing, product subscriptions, or as a way of executing a payment at a pre-determined time.
Utilization of cryptocurrency, by its design and nature strictly involves ‘Push’ payments, in order to ensure security. Unfortunately, the side-effect is that it severely hinders widespread adoption for cryptocurrencies as a means of payment. Through its ‘PullPayment Protocol’ PumaPay has found a way to make pull payments for cryptocurrency billing possible. Their protocol allows the seller to connect to the buyer via a ‘PullContract’, and pull funds into their account when the buyer has agreed to the terms in advance.
More information can be found at https://pumapay.io/
PumaPay’s PullPayment protocol is set to solve the pull payment problem by enabling a set of comprehensive payment methods for those wanting to utilize pull payments on the blockchain. Their protocol also decentralizes the billing layer, saving substantial intermediary costs for merchants. The protocol is set to increase the use of cryptocurrency as a means of payment both online and offline.
The flexibility and adaptability of its protocol affords businesses the opportunity to earn revenue internationally on a recurring basis with much lower fees than would traditionally be found with international payment processors that facilitate pull payments. It will also enable a fixed amount recurring payment while saving the exorbitant middlemen transaction fees ranging from 3% to as high as 15%.
PumaPay’s utility tokens aid the functionality of its protocol and allow individuals or businesses to transfer value between each other over the protocol. It can also be converted to or from other cryptocurrencies or fiat currencies such as Euros.
In the near future PumaPay envisages that the ‘PullPayment’ Protocol will be embraced by groups such as Alignment Blockchain Hub, Imlive.com, SegPay, Coin tree, Chatmaker, Mr Skin who are all in need of cyptocurrency billing solution devoid of frauds, chargebacks and associated fines.
With a dedicated and inventive team at PumaPay, the sustainability and functionality of this new technological advancement in the financial sector is a breather for all as the world is set to experience an evolution that will make business transaction more reliable, convenient and efficient.
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