PumaPay Unlocks The Potential Of Cryptocurrency Payments

Pull Payments Are Missing From Cryptocurrency

Businesses use two main types of payments, "push" and "pull". The most common type of payment is a push payment.

Push payments are when a business requests that a customer make a payment. A good example of this is when someone adds three boxes of Kleenex to their Amazon shopping cart and then checks out. Amazon requests a payment of $9.99 and the customer must enter their information and "push" the payment to Amazon. Push payments are usually one-time exchanges like buying gas, paying a restaurant bill, or even buying Bitcoin on Coinbase with a debit card.

A pull payment is completely the opposite and allows the business (merchant) to withdraw payments from the customers with pre-approval. Pull payments are also fairly common and occur in situations where there is a reoccurring fee. Common examples of this are auto-pay of utility bills, gym subscriptions, and Netflix.

CRYPTO ONLY HAS ONE TYPE OF PAYMENT

In order for cryptocurrencies to be accepted as a form of payment, they must be able to function in the same ways that fiat does. Currently, there is a huge empty space in blockchain payments ecosystem because all payments are "push" type.

In the early stages of cryptocurrencies, a push only ecosystem works but the space is maturing and the need for additional types of payments is increasing. Creating a way to offer "pull" payments will open up an entirely new world of payment options for merchants and consumers.

PUMAPAY IS A PAYMENT PROTOCOL

PumaPay is creating a payment protocol that will allow for pull through the use of smart contracts called PullContracts. These pull contracts will allow for new payment types that include:

• Recurring Payments Based on Time - Magazine subscriptions, gym payments.
• Offline Single Payment - Purchase food at a restaurant.
• Instant Pay Per Use - Telephone consultancy with an attorney, charged by the minute.
• Recurring Payments Based on Time with Variable Amount - Utility bill payments.
• Restricted Payments - Payments that must be approved by 3rd party limiters or authorizers.
• Shared Payments - Consignment store pays the owner of goods and takes the fee.

By building PumaPay as an open-source protocol the team is inviting developers to utilize it as a payment system for their goods, services, and in their DApps.

USE CASES

There are numerous simple use cases like paying for a magazine subscription with cryptocurrency but what is more interesting is how the protocol can be used in conjunction with other blockchain based products.

A popular sector of blockchain projects is energy. Many of these projects are under an EU mandate to provide clear bills with simple payment methods. If these projects use PumaPay as part of their project it will allow customers to link their cryptocurrency accounts to their bills and to make recurring payments based on time and of a variable amount.

There have been numerous projects offering advice over p2p live streams for a fee. With PumaPay these services could be completely decentralized. A PayPerTime PullContract allows people to bill per minute rather than just add the minutes and bill at the end.

WHO IS PUMAPAY FOR?

PumaPay is for any merchant that needs to offer payment types for cryptocurrencies other than the traditional push method. As the blockchain space grows, PumaPay may find itself as the main method of payment for many types of Business to Business, Merchant to consumer, and even peer to peer transactions.

The open source nature will allow 3rd party developers to create attractive apps, plug, and play mechanisms, and user interfaces to help businesses integrate it into their operations. It's possible that a project like 0x could be used in conjunctions with PumaPay to create a PullContract system that accepts any type of Ethereum based token and uses the PumaPay (PMA) token internally.

Customers will appreciate PumaPay in the same way the appreciate PayPal. It can make life easier because it provides added services that they need and in many cases already use.

HOW TO PARTICIPATE

In order to use the PumaPay protocol, the users must hold PMA tokens since they are the only means of value transfer in the ecosystem. To get PMA tokens they can be purchased in the private presale that is currently active or at a later time on an exchange.

The Vitals

📅Private Presale: Open Now (Closes May 7th)
📅ICO: None
📈Token Ticker: PMA
💵Current Token Price: 1 ETH = 50k PMA
🆔KYC: Yes
Total Supply: TBD based on total sold.
Amount for Sale: 50% total
Minimum Contribtuion: $50k
Token Type: ERC20.

PumaPay || Whitepaper || Telegram || ANN Thread ||Bounty

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