Pumapay: A New Incentive To Make Payments Cheaper

Photo credit

Till date, a huge part of retail commerce, both online as well as offline has to do with credit cards. This could either be through wrapper services or direct credit card processing. These methods result in elevated fees in the commission which range from 3 percent to 15 percent. There are also other setbacks to both consumers and merchants which are not uncommon to centralized systems.

Cryptocurrencies have the potential to correct these issues, but they have not become a method of payment which is widely accepted. Nonetheless, a few organizations are being created which aim to fix this issue. One of them is known as Pumapay. Let’s read on to find out more.

What is Pumapay?

Pumapay is a protocol which is free and based on the blockchain. It aids in decentralizing a large aspect of transaction processing services & provides solutions to standard features of payment like restricted payments and money back guarantees.

The flexible and detailed protocols they provide gives adaptors the capacity to process transactions by utilizing all the well-known billing methods and merge solutions which are blockchain based on the most renowned traditional payment methods like credit cards. They offer a free protocol which can help customers, as well as organizations, save a large number of funds along the line as they cease to pay the commissions that they are used to paying when using traditional platforms.

How Does it Work

PumaPay is constructed on the foundation of the Ethereum network and utilizes the newest ERC233 token standard. It is crucial to note this because of ERC233 aids in eradication the possibility of losing tokens as a result of contract executions not done correctly.

PumaPay Protocol and Token.

The PumaPay Protocol will be provided to the community for development. Even though the protocol comes along with inbuilt modules to enhance major types of payment, it is constructed to enhance community development. Its goal is to become a recognized platform that can be used by businesses in the development of their own custom payment solution based on the blockchain.

The currency exchanged among individuals utilizing the PumaPay Wallet would be PMA token. Although at the start, ETH will be traded for PMA tokens, the value on the long run will be based on the PMA market. It will also be the only cryptocurrency on the platform.

‘PullContracts’ and ‘PullRequests’.

These are the PumaPay system’s core. Pull Contracts provide businesses with the capacity to determine the terms and costs of a transaction. When a customer agrees to the terms, they finish the payment loop. The PullContracts have enough flexibility to allow for recurring payments, one-time payments, money back guarantees, shared payments and a host of others.

When a customer agrees to a PullContract, a PullRequest is produced to finish the transaction and aid in making the withdrawal of PMA tokens from the wallets of customers to the wallet of businesses faster and smoother.

Conclusion

To learn more about PumaPay as well as their ICO offerings and Token sales, pay a visit to https://pumapay.io/, Telegram, ANN Thread, BOUNTY Thread