PUMAPAY

PumaPay ~ Making Crypto billing accessible to every business

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In our present day economy, the majority of retail commerce, both online and offline, revolves around credit cards: whether direct credit card processing or via ‘wrapper’ services. These methods impose high commission fees ranging around 3%-15% and feature other drawbacks to both merchants and consumers, that are common to centralized systems. Cryptocurrencies hold a great promise to overcome these disadvantages, but have yet to evolve into a widely accepted means of payment.
The PumaPay protocol was designed from the ground up with the sole purpose of addressing these issues, with a flexible standardized protocol aimed to accommodate any billing needs. The protocol’s indefinite flexibility is derived from the innovative ERC223-compliant Pull Contracts in addition to other contracts.
PumaPay’s open-source Pull Payment Protocol is a comprehensive blockchain solution which offers robust payment mechanisms far more credible, efficient, flexible, cost-effective, and scalable than current implementations (credit cards). Unlike today’s payment methods, which include credit cards and virtual coins like Bitcoin, the Pull Payment Protocol was designed from the ground up specifically to overcome existing hurdles and offers a set of tools developed to facilitate on boarding processes for both businesses and individuals.
Here is a list of things you can do with PumaPay:
· Plug-in various billing solutions to enable easy acceptance of cryptocurrencies directly instead of through an excessive layer of banking
· Offer customers comprehensive and flexible billing solution, addressing all common billing practices, including recurring, pay-per-use, single payments, etc
· Eliminate chargebacks and exorbitant middlemen transaction fees ranging from ~3% to as high as ~15%
· Increase trust between the customer and business by using special security and privacy
PumaPay as a strong advocate of blockchain technology and decentralization, is well aware of the gaps that exist between online billing needs and existing blockchain solutions. Credit card processing systems are slowly becoming obsolete and need to be replaced by a protocol that is designed around the needs of a fast-paced, global, and technology driven economy. PumaPay’s mission is to modernize payment processing systems by creating a thriving cryptocurrency economy built on the PumaPay Pull Payment Protocol.
Here’s how it works:
PumaPay is built on the backbone of the Ethereum network and using the most recent ERC233 token standard. This is important to note because among other things, ERC233 removes the risk of tokens being lost due to incorrect contract executions.
The Protocol and Token.
The PumaPay Protocol will be open to the community for development. While the protocol comes with built in modules to facilitate the main payments types outlined here, it is designed to encourage community development. It aims to become a standard platform that business can use to develop their custom blockchain payment solution.
The ‘PMA’ token will be the currency exchanged amongst users’ PumaPay Wallets. While initially, users will exchange ETH for PMA tokens, it’s ongoing value will be based on the general PMA market and it will be the stand-alone cryptocurrency on the system.
Meet the team

‘PullContracts’ and ‘PullRequests’.
These are the heart that drives the PumaPay system.
Pull Contracts allow for businesses to stipulate the cost and terms of a transaction. When a customer agrees to those terms, they complete the payment loop. The PullContracts are flexible enough to allow for one-time payments, recurring payments, shared payments, money back guarantees, restrictive spending rules, and more.
When a PullContract is agreed to by the consumer, a PullRequest is created to finalise the transaction and facilitate the withdrawal of PMA tokens from the customer’s wallet, to the businesses wallet.
For example, when a customer buys a coffee, they agree to a PullContract which then allows a PullRequest for the cost of the coffee in PMA’s to be executed. If the PullContract included a cost-sharing function, the PullRequest could pull money from two different consumers wallets, and so on. In a scenario where there were insufficient funds for the purchase, the business would also immediately know, just like the way a declined credit card works today.
It’s important to note that PullContracts can facilitate essential consumer payment requirements that are required for business as usual, such as Money Back Guarantees. If a customer returns a product, a PullContract can facilitate the refund of a payment. To do this in the present cryptocurrency ecosystem would require too much manual labor, and PumaPay aims to automate this kind of every day transaction.
An additional payment tool possible with this platform is the idea of restricted payments. For example, a parent could provide their child with a set amount of funds for spending, but restrict the use of those funds to certain types of purchases. (i.e. School Supplies OK, but Candy is not). I feel this type of monetary control over money shared with another person could prove to be very powerful.
The PumaPay SDK (Software Development Kit)
All of this will be made available and possible using the SDK for developers. Because PumaPay is a transaction free platform, and the only fees are those charged on the blockchain itself for transaction verification, there is enormous room for growth as this platform is adopted and built upon by its developers.
The use cases go on and on, because the capabilities of a PullContract are as wide as a developer’s imagination. Any number of requirements could be coded to be met before payment is required or requested using a PullRequest. Integration into existing systems will just be a matter of businesses developing the code to trigger existing actions based on the PumaPay PullContract results. For example, an online subscription based system could grant a user access to premium app features after a PullContract is executed successfully.
The PumaPay Presale is on going now on their website and they have announced that their Global ICO is coming soon
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More important information on PumaPay
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The announcement on bitcointalk
[
ANN][TOKEN]PumaPay - Comprehensive Blockchain Billing Protocol.

ANN][TOKEN]PumaPay - Comprehensive Blockchain Billing Protocol.bitcointalk.org

The PumaPay Bitcointalk bounty announcement
[
BOUNTY][TOKEN]PumaPay - Comprehensive Blockchain Billing Protocol. $200K FIXED

BOUNTY][TOKEN]PumaPay - Comprehensive Blockchain Billing Protocol. $200K FIXEDbitcointalk.org

AUTHOR:adulojuclara
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