Thursday, 02 July 2020

Bringing Crypto Payments Into Daily Life

Have you heard about cryptocurrencies? Definitely. Do you own some? Quite possibly. Would you be using them for your next purchase? Highly unlikely. 2018 may have been dubbed ‘The Year of Cryptocurrencies’, but it does not look like the year of ‘useful cryptocurrencies’ so far.

The world may be buzzing about Bitcoin and the like, but hardly ever do they pass the payment speed and day-to-day usability test. There are several reasons for that, ranging from the time required for a crypto transaction to complete to the high transaction costs to name a few.

A transaction on the Bitcoin blockchain can take up to 1 hour to be confirmed, due to the complex mining process involved. Additionally, with an average Bitcoin transaction fee currently being around $10, it is hard to imagine using this cryptocurrency for day-to-day transactions.

The cryptocurrency market, as well as merchants worldwide have been aching for a solution to tick all boxes: speed, ease of use, applicability in everyday life. Only one question remains: how? After years of waiting, the answer has finally arrived.

A new day, a new dawn for payments

With the boiling ICO market and crypto start ups popping up a dime a dozen, some are striving to address the long-overdue issue of crypto usability and payments. Yet, very few of them provide a holistic vision, a sustainable ecosystem and a long-term development plan. Featured in Forbes, Huffington Post and VentureBeat, PumaPay offers a new way of looking at payments, in general, and crypto transactions in particular.

PumaPay has developed a ‘PullPayment’ protocol that reverses the mechanisms of a crypto transaction. Enabling a 'Pull' rather than a 'Push', PumaPay's innovative solution supports traditional payment practices like pay-per-use, single, restricted, recurring, shared payments (fit for affiliate revenue share programs), and instalment-based transactions that were impossible on the blockchain before.

Technological innovation

To be built on the next-generation blockchain, PumaPay will allow for high-speed transactions (processing time of seconds), with the transaction cost being close to zero. This will make the solution a perfect choice for daily payments, leaving Bitcoin light years behind in terms of usability and convenience. Here’s what a sample transaction taking place at a restaurant would look like:

Combining SDK and API technology, PumaPay can be easily integrated with any service provider or merchant's platform.

Potential for widespread adoption

Without a doubt, PumaPay is not the only crypto startup with a great idea these days. However, the trouble with great ideas is that they don’t always materialize. Will crypto holders catch on to PumaPay's vision? As PumaPay CEO Yoav Dror explains, ‘PumaPay provides merchants with the added bonus of disintermediated payments, where the middlemen, such as banks and credit card companies are no longer involved in the transaction.

While a customer may think that card payments are direct, the reality is far from that. With every card swipe, merchants are charged between 3-5% (with the fees going as high as 15% in some industries) of the final price of the purchased product. The trouble, however, does not stop after the purchase was made: it may take weeks for the funds to arrive to the merchant’s account which negatively affects their cashflow. On top of that, a merchant cannot be confident whether they will receive funds for their sale or become a victim of a chargeback. According to a research study conducted by Juniper, retailers are on track to lose $71 billion in Card Not Present (CNP) fraud losses globally in a year. The innovation of PumaPay’s PullPayment protocol helps alleviate the issues merchants are facing worldwide.’

The PumaPay economy

So, the market for the PullPayment protocol are all merchants worldwide – online and offline, as well as all cryptocurrency holders. Not a bad start. Furthermore, PumaPay token (PMA) will not exist in a vacuum, but rather as a part of a multi-faceted ecosystem of the protocol's Early Adopters and Launch Partners alongside the PumaPay Pride.

PumaPay Launch Partners and Early Adopters are reputable businesses who have already agreed to implement the protocol from the onset. PumaPay Early Adopters range from the global brands such as Fashion TV and payment processor CCBill to technology companies such as and ExposeBox and adult entertainment leaders such as ImLive to name a few, with more big names to be announced in the coming months.

The company has already partnered with dozens of businesses while more and more brands are expressing their interest in joining the PumaPay Pride. The latter will serve as a directory for all merchants who accept PumaPay sorted by various categories, thereby maximizing their exposure to crypto holders.

As more and more merchants will be joining the ecosystem, the product offering will increase, and the demand for the PMA token will grow along with its spending potential.

With over $300 Billion worth of cryptocurrencies existing in the world today, the need for a sophisticated yet user-friendly and one-size-fit-all solution such as PumaPay is rising. Not only will PumaPay enable crypto holders to convert their crypto funds into value by injecting them into economy, but by doing so, it will also pave the way for the tokenization of global finance, increasing the use of cryptocurrencies as a viable means of exchange for goods and services.

With PumaPay pre-sale bubbling and token generation event coming up at the end of the month, this is an ICO to watch closely in 2018.

Legal disclaimer: The insight, recommendations and analysis presented here are based on corporate filings, current events, interviews, corporate press releases, and what we've learned as financial journalists. They are presented for the purposes of general information only, and all the information belongs to the original publishers. These may contain errors and we make no promises as to the accuracy or usefulness of the information we present. You should not make any investment decision based solely on what you read here.

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