Have you known a way that make crypto billing easy for every business? This is about it. In our present day economy, the majority of retail commerce, both online and offline, revolves around credit cards: whether direct credit card processing or via ‘wrapper’ services. These methods impose high commission fees ranging around 3%-15% and feature other drawbacks to both merchants and consumers, that are common to centralized systems. Cryptocurrencies hold a great promise to overcome these disadvantages, but have yet to evolve into a widely accepted means of payment. The PumaPay protocol was designed from the ground up with the sole purpose of addressing these issues, with a flexible standardized protocol aimed to accommodate any billing needs. The protocol’s indefinite flexibility is derived from the innovative ERC223-compliant Pull Contracts in addition to other contracts.
PumaPay’s open-source Pull Payment Protocol is a comprehensive blockchain solution which offers robust payment mechanisms far more credible, efficient, flexible, cost-effective, and scalable than current implementations (credit cards). Unlike today’s payment methods, which include credit cards and virtual coins like Bitcoin, the Pull Payment Protocol was designed from the ground up specifically to overcome existing hurdles and offers a set of tools developed to facilitate on boarding processes for both businesses and individuals.
Things You can Do with PumaPay
Plug-in various billing solutions to enable easy acceptance of cryptocurrencies directly instead of through an excessive layer of banking
Offer customers comprehensive and flexible billing solution, addressing all common billing practices, including recurring, pay-per-use, single payments, etc
Eliminate chargebacks and exorbitant middlemen transaction fees ranging from ~3% to as high as ~15%
Increase trust between the customer and business by using special security and privacy
PumaPay as a strong advocate of blockchain technology and decentralization, is well aware of the gaps that exist between online billing needs and existing blockchain solutions. Credit card processing systems are slowly becoming obsolete and need to be replaced by a protocol that is designed around the needs of a fast-paced, global, and technology driven economy. PumaPay’s mission is to modernize payment processing systems by creating a thriving cryptocurrency economy built on the PumaPay Pull Payment Protocol.
Here’s how it works:
PumaPay is built on the backbone of the Ethereum network and using the most recent ERC233 token standard. This is important to note because among other things, ERC233 removes the risk of tokens being lost due to incorrect contract executions.
The Protocol and Token
The PumaPay Protocol will be open to the community for development. While the protocol comes with built in modules to facilitate the main payments types outlined here, it is designed to encourage community development. It aims to become a standard platform that business can use to develop their custom blockchain payment solution.
The ‘PMA’ token will be the currency exchanged amongst users’ PumaPay Wallets. While initially, users will exchange ETH for PMA tokens, it’s ongoing value will be based on the general PMA market and it will be the stand-alone cryptocurrency on the system.
Meet the team
‘PullContracts’ and ‘PullRequests’. These are the heart that drives the PumaPay system. Pull Contracts allow for businesses to stipulate the cost and terms of a transaction. When a customer agrees to those terms, they complete the payment loop. The PullContracts are flexible enough to allow for one-time payments, recurring payments, shared payments, money back guarantees, restrictive spending rules, and more. When a PullContract is agreed to by the consumer, a PullRequest is created to finalise the transaction and facilitate the withdrawal of PMA tokens from the customer’s wallet, to the businesses wallet.
For example, when a customer buys a coffee, they agree to a PullContract which then allows a PullRequest for the cost of the coffee in PMA’s to be executed. If the PullContract included a cost-sharing function, the PullRequest could pull money from two different consumers wallets, and so on. In a scenario where there were insufficient funds for the purchase, the business would also immediately know, just like the way a declined credit card works today. It’s important to note that PullContracts can facilitate essential consumer payment requirements that are required for business as usual, such as Money Back Guarantees. If a customer returns a product, a PullContract can facilitate the refund of a payment. To do this in the present cryptocurrency ecosystem would require too much manual labor, and PumaPay aims to automate this kind of every day transaction. An additional payment tool possible with this platform is the idea of restricted payments. For example, a parent could provide their child with a set amount of funds for spending, but restrict the use of those funds to certain types of purchases. (i.e. School Supplies OK, but Candy is not). I feel this type of monetary control over money shared with another person could prove to be very powerful.
The PumaPay SDK (Software Development Kit)
All of this will be made available and possible using the SDK for developers. Because PumaPay is a transaction free platform, and the only fees are those charged on the blockchain itself for transaction verification, there is enormous room for growth as this platform is adopted and built upon by its developers. The use cases go on and on, because the capabilities of a PullContract are as wide as a developer’s imagination. Any number of requirements could be coded to be met before payment is required or requested using a PullRequest. Integration into existing systems will just be a matter of businesses developing the code to trigger existing actions based on the PumaPay PullContract results. For example, an online subscription based system could grant a user access to premium app features after a PullContract is executed successfully. The PumaPay Presale is on going now on their website and they have announced that their Global ICO is coming soon. Decentralized Vision, a blockchain company that develops payment protocols that combine the benefits of traditional billing and blockchain technologies, today announced the introduction of the PumaPay protocol; a comprehensive blockchain payment solution that provides billing mechanisms for e-commerce, online services and traditional merchants. Until recently, most retailers switched to online and offline credit cards: either direct credit card processing or packing services. This method requires a high commission of 3% to 15% and has other disadvantages for general merchants and consumers of centralized systems.Cryptocurrencies have a great promise to address these shortcomings, but should still be a common method of payment.
The Design of PumaPay
The PumaPay protocol is designed from the ground up in order to solve this problem, with a flexible standard protocol designed to meet all billing requirements. The limited flexibility of protocols comes from an innovative traction contract compatible with ERC223, in addition to other contracts. PumaPay protocols and tokens support the latest online and offline transactions, such as pay-per-use, one-time payments, scheduled payments and monthly subscriptions, and provide blockchain solutions for daily payments worth tens of billions of dollars representing monthly economic reach. This transaction is not currently handled by existing cryptomonets such as Bitcoin or Litecoin. As a strong supporter of blockchain and decentralization technology, we recognize the existing gap between online billing needs and existing blockchain solutions. Credit card processing systems are slowly becoming obsolete and need to be replaced with protocols designed to meet the needs of fast-moving, global, and technology-based economies. Our mission is to modernize the payment processing system by creating a rapidly growing economy of cryptocurrency built on the PumaPay Protocol.
More Things You Can Do with PumaPay
Adapt to billing solutions to online and offline e-commerce outlets.
Offer flexible and comprehensive customer billing solutions, including regular payments, pay-per- use, single payment and more.
Eliminate intermediaries who charge ~ ~ 3% -15% commissions per transaction.
Eliminate chargebacks.
Improves trust between customers and businesses with special security and privacy extensions.
Emergency crypto transcripts with business directly, rather than through an additional layer of excessive banking.
The PumaPay protocol is designed to:
Standardize and enable a comprehensive payment method over blockchain.
Decentralize the collection industry and save substantial costs for various mediators.
Increase the use of crypto in online and offline market to commercial level.
Enable powerful launch partners to disrupt their market by creating a decentralized version of their platform.
PumaPay Protocol
The PumaPay Protocol enhances and facilitates the use of cryptocurrency across multiple ecosystems by offering a comprehensive billing solution:
Flexibility Adjusted to Future and Current Billing Needs
PumaPay is meant to be a flexible and customizable payment protocol to meet specific needs. The possibilities are endless for what can be done with PumaPay.
Comprehensive Popular Billing Requirement
PumaPay offers powerful, all-in-one billing mechanisms that are much more credible, efficient, flexible, cost-effective, and scalable than current billing methods.
Accessibility Tool for Protocol Adoption
PumaPay enables businesses and individuals to benefit from blockchain technology in an easy and frictionless way by offering advanced onboard tools.
Security Mechanism, Trust & Anonymity
PumaPay aims to address the trust issues between business and customers, optimize security and protect the privacy and anonymous users.
PMA economy
The PMA signs support our protocol and contribute to the growth of our ecosystem. We will promote the adoption of PumaPay tokens in the online and offline industries, while focusing on e-commerce and online services. By facilitating the integration of our protocols and making FDI as a de facto payment medium, we aim to reach a critical mass of users, thus building a growing crypto economy.
Security Mechanism, Trust & Anonymity
PumaPay aims to address the trust issues between business and customers, optimize security and protect the privacy and anonymous users.
Their protocol is a flexible solution that accommodates all billing needs. This allows companies to take advantage of previously created PullContracts, or to customize different plug-ins and modules to build their own solutions.
05 Pillars of PumaPay System
Growth Engine
PumaPay will provide incentives for Businesses and Service Providers to utilize the PumaPay Protocol.
Early Adopters
Businesses from various industries who have already committed to integrate PumaPay’s solutions.
Launch Partners
Our launch partners will integrate the PumaPay Protocol into their platforms and work closely with us to create a basis for decentralizing entire industries through widespread adoption of PumaPay Token.
PumaPay Pride
As part of the supporting systems to be developed in order to facilitate the adoption of the PumaPay Token, we will incorporate an application as part of our wallet in which businesses that process with PumaPay Token will appear.
Third Party Complementary Service Providers
Enable third party companies to create a layer of services on top of the Protocol, contribute to the PumaPay ecosystem, and create new business opportunities for businesses (e.g. credit networks, security, code verification and more).
Official Links for More Details
Official Web: http://www.pumapay.io/
Whitepaper: https://pumapay.io/docs/pumapay_whitepaper.pdf
ANN Thread : https://bitcointalk.org/index.php?topic=2658299.0
Telegram: https://t.me/PumaPay
My bitcointalk,Name :cryplee
Bitcointalk link : https://bitcointalk.org/index.php?action=profile;u=1349234
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