Daily Crypto Payments: Myth or Reality?

Be it just a fleeting fad or the beginning of the crypto revolution, ICOs are mushrooming, yet very few of them solve the supply-and-demand problem. There is an acute need in the market today for a payment solution that is tamper-proof, fast and cost-effective.

We're all too familiar with the hurdles we need to go through when we need to make a transfer either online or offline. Payment gateways like PayPal or Square charge commissions.

Bank wires and credit card payments are no better, with a transfer requiring up to 10 business days to complete and money getting stuck on the card for days in some cases. So, how is this fast? What about cost-effectiveness when commissions are charged every step of the way? And merchants are most exposed to these, on top of chargebacks, bank fines and fraud.

The solution is right below our noses – blockchain technology and smart-contract-based protocols like PumaPay. Developed as an all-inclusive, versatile solution, PumaPay brings the flexibility of credit cards to the blockchain. Reversing the mechanisms of crypto payments to enable a pull action on the blockchain, PumaPay's PullPayment protocol empowers merchants and crypto-holding buyers alike, by putting them back in charge of their funds. Essentially, PumaPay opens a new chapter in the history of payments, giving the chance to crypto holders to use their tokens to buy goods and services.

The protocol's White Paper illustrates multiple scenarios, in which consumers pay for a wide range of goods or services, including monthly gym membership or streaming media subscriptions, utility bills, online consultations charged per minute, affiliate commissions, and even a dinner out by simply scanning a QR code carrying the encrypted details of a merchant-issued PullContract. Once the PullContract is approved, the transaction goes through in a matter of seconds.

By enabling this variety of payment types on the blockchain, and simplifying transactions, PumaPay turns crypto payments from myth into reality.