PumaPay – The Digital Payment solution
Everyday transactions are now slowly moving onto digital payments. Credit and Debit cards are also seen to be diminishing regarding payment transactions. Enter PumaPay, a digital company building a Blockchain based platform to tackle everyday financial transactions which could help propel cryptocurrencies into the economic mainstream.
PumaPay is an open-source Pull Payment Protocol which is a comprehensive Blockchain solution offering far efficient, scalable and cost-effective transactions compared to credit and debit cards.
PumaPay’s system enables merchants to pull funds from the accounts of customers with their consent. As a result, it is faster for the end supplier to receive funds, instead of waiting for funds to bypass intermediaries. The ‘pulling of funds’ will be best suited to the merchants business.
Credit and Debit cards end up charging fees from 2% to 8% which is either absorbed by the business or passed on to the customer. If this charge is passed on to the company, it affects the profit margins. If it is decided to be passed on to the customer, it will lead to a fall in demand for that business’s services or goods from that particular customer as there is an unnecessary cost.
Blockchain solutions such as Mycelium are already trying to solve the transaction problems faced in today's world. However, PumaPay believes the Blockchain competitor’s out there are not able to match up to big transaction companies such as Visa and Mastercard.
PumaPay has succeeded in encouraging big brands such as Fashion TV, Rent24, Backpack.io, CCBill and Segpay to opt for their Blockchain payment solution service.
PumaPay’s solution is ideal for the entertainment industry where services such as Pay Per View has been suffering from high credit card transactions. Even the adult online industry has lost out users due to a loss of client’s privacy, which PumaPay believes will not be a problem in its Blockchain service. IMLive and Vivid Entertainment are some of the adult online websites which have opted for PumaPay’s services.
PumaPay’s CEO Yoav Dror told Cointelegraph-
“Many online platforms are now releasing their own tokens which are by default limited by a platform’s user base. The PumaPay token transcends merchants, platforms and industries as more and more merchants express the interest in joining the ecosystem. As a result, the product offering will increase along with the PMA [token]’s spending potential and the demand for the token will grow.”
PumaPay offers an add-on called Puma Pride which is an application which keeps shoppers connected to nearby businesses which accept’s Pumapay’s token.
What makes PumaPay more interesting is the development of a system allowing parents to veto purchases when their children make a purchase which they are not happy with through the individual children's wallet. This will ensure that the pocket money is not used for notorious activities like alcohol or smoking. This restricted payment can also apply to corporate wallets which will define specific items which the employee can purchase.
Beginning at midnight on April 26th 2018 there will be a token generation event for 7 days. Towards the end of the year, a more advanced version of the Blockchain payment solution of PumaPay will release.