PumaPay: A Global PullPayment Protocol

Introduction:

In the earlier days, cash was the major mode of payment. Now, with the advent of technology, more and more people prefer paying via electronic modes such as e-wallets, credit cards, debit cards etc.

To keep up with the needs of people, most retailers and stores do accept such modes of payment. However, something that we tend to ignore is the charge that is levied on them by the banks or the companies involved. Shopkeepers lose around 0.3% to 1% of the amount of sale as charges for the electronic mode.

At the same time, many a time we see payments not being processed and this makes the system inefficient. Today's payment mechanisms fail to provide an optimized solution for the merchants.

Seeing retailers struggling with inefficient and costly payment methods, PumaPay decided to enter the market to change the scenario for a better tomorrow.

What is PumaPay?

PumaPay's main vision is to build a payments protocol that does not exploit the merchants. By using its 'PullContract', it tries to solve all the problems by introducing a new methodology of sending and receiving payments.

PumaPay does away with the need of converting cryptocurrencies to fiat currencies. Customers can directly transact without the need of any intermediaries involved. This substantially reduces the costs for the merchants and risks for the customer - a win-win situation for both parties involved.

The platform has been designed to provide a seamless user experience. This, in turn, will help in mass adoption of cryptocurrencies across the globe, a much-needed change in today's world. It will also provide flexibility to all users so that they can implement their own business idea and decide how to receive payments accordingly.

In short, PumaPay's unique protocol reduces risks, costs while maximizing flexibility, scalability, and usability. Once the platform is fully functional, it will change the face of online payments forever.

How does it work?

Several components come together to build the PumaPay payments protocol.

The PumaPay token will be the basic mode of payment on the platform.

An Account will be created to track token balance, PullContracts, and Limiters linked to an address.

Authorizers who decide whether a PullContract should pull or request money from an account.

PullContracts represents how payments will occur between accounts and enable the transfer of PumaPay tokens.

Limiters, which can be set by an account owner in order to set certain limitations on the account.

Apart from these, there are several other components such as off-chain components, PumaPay wallet etc. that work together to make the platform successful.

As stated earlier, flexibility and cost-effectiveness are the 2 USPs of PumaPay. While it can be used in a large number of places and in different ways, some major use cases of the payment protocol are:

• Recurring payments
• One time payments
• Pay per use
• Recurring payments with a variable amount
• Shared payments

However, these are only some of the many ways in which the platform can be used. Surely, payment mechanisms will become much simpler and faster with PumaPay.

About ICO

The PumaPay token is a utility token whose main role is to facilitate the platform's PullPayment function. On the platform, it will be the only means of payment and the token can be converted into any form of cryptocurrency or fiat currency, based on the user's needs.

The token sale will begin on 22nd March, 2018 and will continue for 7 days. 20% of the tokens will be sold in this sale.

The exchange price during the ICO will be 25000/ETH.

During the first 4 days of the sale, contributors get up to 50% bonus.

The token generation event will be soft capped at 20,000 ETH and hard capped at $150 million.

Concluding Remarks:

Payment mechanisms of today are slowly becoming obsolete with technology, and a change is seriously needed. Also, merchants are always on the losing side, and this is something that is ignored by everyone, including the customers.

PumaPay's initiative to change the grim scenario is a valiant effort in changing the scenario. Costs and risks are reduced for both the parties and the need for intermediaries are no longer needed.

With the flexibility that it offers, merchants can configure the payment according to the needs of the business without cutting down on customer experience.

Truly, PumaPay has the potential of becoming the face of future payments.

For more details visit:

WEBSITE : http://pumapay.io/

REDDIT : https://www.reddit.com/r/PumaPay/

FACEBOOK : https://www.facebook.com/PumaPay/

TWITTER : https://twitter.com/PumaPay

TELEGRAM : https://t.me/PumaPay

Blog By: Lanirm Knayam

My BitcoinTalk Profile: https://bitcointalk.org/index.php?action=profile;u=1308391