PUMAPAY

gugun189 (31)in #cryptcurrency • 6 years ago

Future
What is the future of payment system? That’s an interesting question. Cryptocurrency or Digital currency has slowly started to capture the payment system. Why there is so much craze towards bitcoin or other cryptocurrencies? How is it beneficial than the existing payment system?

1 Cryptocurrency is based on the decentralized blockchain technology and smart contracts which can reinvent the everyday payments by means of ‘Pull payments’.

2 It reduces the number of intermediaries in a transaction and allows for P2P (Peer-to-Peer) transaction between the merchant and buyer.

3 Whether you are living in USA or Africa, you can use the same cryptocurrency wallet everywhere. So, cryptocurrency is the best option for making cross-border or international payments with fewer transaction fees. Money transfer services like PayPal, Skrill etc are tied to one country. If you relocate to another country, then you need to create a new account.

4 You can create your own currency. Sounds interesting? Yes. It is possible using the blockchain technology.

To pave the way for cryptocurrencies in everyday payments, the company named Decentralized vision is developing an open source payment protocol which makes crypto billing accessible to any type of business. As it is a free and open source protocol, it offers great flexibility for the businesses to integrate their existing payment solutions to the PumaPay platform. From the consumer’s point of view, they can use PumaPay for making different types of payments like the ones given below:

Recurring payments
Onetime payment
Shared payment
Restricted payment

The only thing they need to access the platform is nothing but the PumaPay (PMA) tokens which will be available for sale during the token sale event of the company.

No cards. No wallets. No banking. Use cryptocurrency for payments – PumaPay

Payment is an integral part of our life. Without that, you can't buy any product service that is essential for your living. With the advent of technology, the payment system has also gone through a lot of changes from cash to wallets as given below:

Cash: It is the oldest and simplest form of payment that is accepted anywhere in the world. Only thing is you should use the relevant currency based on the country in which you live. Also, you don't need any kind of qualification or technical knowledge to make a transaction using cash.
Cheque: It is the safest option to make high-value transactions. But, the processing time is slow as it takes 1-3 days for the clearance of the cheque and to get credit to the account. This kind of payment is less popular these days and slowly becoming obsolete.
Debit cards: Debit card was the first cashless payment system used for POS / online transactions. Before swiping the card, you need to make sure that there is sufficient balance in your bank account for making the transaction.
Net banking: Even though it is safe and easy to use, it is not preferred by many online shopping websites. Net banking can be used only for making online transactions.
PayPal/Skrill - This form of payment is best for buying products/services from international sellers. Even though this kind of payment is fast and secure, it involves a processing fee for every transaction.
Credit cards - It is the widely used and most popular payment method as it allows you to buy anything you want very easily without the need for any money in your bank account. The only drawback of using credit cards is the high processing fee for both merchants and buyers.
Wallets - This option is getting more popular as many shopping retailers have their own wallets so that the buyers can easily add money to them and do the shopping. No need to use any credit/debit card.

The biggest challenge in the existing system is that you cannot use any payment for buying anything anywhere. For example, you cannot use an Amazon wallet to buy items from eBay. If you relocate to another country, you need to open a new PayPal account in that country. So, what we need a system that can be used for making any type of payment anywhere. To achieve this goal, PumaPay, a free billing protocol that will use cryptocurrencies for payments is under development. As Cryptocurrencies are independent of the location, it is an ideal option for making payments. PumaPay protocol supports a variety of payments like the ones given below: