PumaPay: A User’s Guide of The PullPayment Protocol

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PumaPay is an open-source Blockchain platform that is being developed to handle billing and payments under a unified ecosystem where providers can deal directly with owners in a secure environment using digital currencies. The system is designed to empathize the Blockchain as a new way to deal with payouts by offering a wide catalog of options to handle payments and to take away the all the hassle and back procedures that slow down transactions by offering more flexible payment procedures. One of the main goals of the company is to reinvent business deals as we know them. To that end, PumaPay has been developing their take on smart contracts called PullPayment. This is how they work under the current proposal:

Single Payment

The most classic transaction done with digital wallets, the added value of PumaPay resides on their time response for this type of operation. The deal is straight up simple. A user is ready to pay for a service such as the bill of a restaurant or some goods in a local business. The user just needs to scan the QR code provided on his receipt. The smart wallet will open a display with all the details of the transaction, and the user just needs to approve it if the PullContract is written to his satisfaction. The transaction will be registered in the Blockchain, and the user will be able to determine the type of currency for the deal.

Payments based on time

With this payment system, a user can have access to a recurring service such as a subscription to a private website, a streaming service or a magazine which has to be covered by a monthly fee. The users just need to look for the subscription of their preference and scan a QR code that will be provided to enable the smart contract. After being scanned, a YAML file will appear explaining all the details of the service. If the user agrees with them and signs the contract, the PullRequest feature of the platform will redeem the monthly payment from the user’s wallet. The user will be able to handle certain specifics about the deal to avoid extra charges or scams, such as the recurrence of the payment, the type of currency used on the transaction and the destination of the funds.

Recurring Payments Based on Time with variable Amounts

This feature is specially aimed to cover for services that have variable costs on specific periods of time such as water, gas, electricity bills or credit cards payments. The user can set up the application using QR codes to set up a PullContract that states which company can withdraw these types of payments and the frequency in which they can do so.

Restricted Payments

A very special feature for shared wallets, it gives the main user the ability to pre-approve every transaction made with the funds of a shared wallet to allocate them for a specific purpose. PumaPay suggests this feature to parents looking to control the expenses of their sons by giving them access to the wallet but by approving every transaction after learning of it via 3rd party messaging. The company still hasn’t developed an integrated messaging system, but users can set specific parameters for automatic approval of transactions that fulfill certain criteria to keep control.

PumaPay is ready to change the way we handle payments for goods and services with the support of the latest technology while making everything easier on the user's end. To learn more about their offering, you can check https://pumapay.io/, Telegram, ANN Thread, BOUNTY Thread