How Can the Blockchain Change the Way We Make Payments

A quick overview of the payments options and mechanisms, over time

Along with our history as humanity, the payment mechanism and solutions have constantly been changing. Thousands of years ago, people were using precious metals to buy various goods or pay for different services. Later on, these were replaced by coins. During the last centuries, however, cash and paper payments (cheques, for example) became the norm for both businesses and individuals. After 1950, more and more nations have implemented credit or debit cards - access to cash was oftentimes difficult (because of banks business hours or the need to find o proper ATM). During the last years, we have been introducing new methods of payment - online payments, mobile payments and contactless cards. These payment cards are currently the basis for all commerce (online and offline).

The rise of cryptocurrencies

You may now ask yourself - How about digital money? Even though there are maybe 6 million people that are using crypto, virtual money is not that popular for payments. Why? First of all, because only a few countries and companies accept payments with BitCoin, Ether or altcoins; this makes it impractical for everyday use. Second of all, because crypto payments still have some downsides:

• There are no ways to reverse the payments made
• The crypto market is still very volatile
• There is a limit that is actually set in regards to the speed and number of transactions smart contracts can process

A new paradigm is needed to transform the way we make payments, globally.

Discover PumaPay - One of the most comprehensive Pull Payment Protocols

A free blockchain pull payment protocol that makes crypto billing accessible to every business (source: PumaPay)

Different than the modern payment methods we just mentioned earlier (virtual coins, credit cards, etc.) the Pull Payment Protocol was conceived from the ground up specifically to overcome existing hurdles and offer a set of tools developed to facilitate onboarding processes for both businesses and individuals (check video).

PumaPay addresses the payments problems from the merchant's perspective. How? At the core of this protocol has been placed a unique architecture of smart contracts that manages to reverse mechanics of a crypto transaction. Simply put, instead of having a consumer sent his funds to the merchant, PumaPay permits the merchant to connect to the consumer’s account and pull funds from there. Of course, these operations are subject to the predefined terms and consumer acceptance of the transactions. These changes, among many other features, provides a new ecosystem that creates a universe of transactions that were not feasible until now (even over the blockchain).

Moreover, the protocol is very powerful and flexible and allows the use of other tools - this, in return, allows any merchants to design their own transactions, tailored to their need and specifics.

Numerous payments types accepted

PumaPay Pull permits businesses to incorporate various payment mechanisms:

• Monthly subscriptions
• Scheduled payments
• Single payments
• Shared payments
• Restricted payments
• Pay per use

Learn more about the PumaPay Payment Protocol and ICO:
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Cheers,
Jack Andrew