The Payment system with banking cards that we use today was invented in the 1950’s. Since then, nothing better could replace this system. Thus, the system which was created decades before of the internet discovery is still used today both for offline and online shopping. Yet, the question remains: “does this old system of payment meet the requirements and expectations of the new technology and trends? In terms of aspects like customer friendly experience or low cost for sellers etc., unfortunately, the answer to such questions is mostly ‘no’.
Then why is it so difficult to create a next-generation payment system that can easily replace the current banking card payment systems? The project of PumaPay Pull Payment Protocol has the solution with all aspects. Let’s see the promotion video of the project:
What is PumaPay Pull Payment Protocol?
PumaPay is an ecosystem created on blockchain technology with a main service of payment. All we know that blockchain and cryptocurrencies can realize peer to peer digital currency transfer. So, what is the difference that PumaPay offers differently than the others as an innovation? To answer this question, we should have a look at the common money transfer on blockchain. It’s pretty simple. It is a single-sided system. Money transfer is carried out from account A to account B. This system is called ‘push’ for the digital asset transfer. PumaPay Pull Payment Protocol modifies this system, as it is understood from his title to a ‘pull’ payment system. The working principle of Pull Payment Protocol consists of quite reverse. Account B requests money transfer from account A and carries out the payment in this way. Thus, money flow will be realized likewise banking cards with no intermediaries but more secure and fast way. That is innovative ‘pull payment’ system that will replace the domination of traditional banking cards on offline shopping as well as on online shopping. More detailed information with relevant links of social media is on the web page: https://pumapay.io/
The innovative side of PumaPay Pull Payment Protocol comes from it is a technical structure which generates pretty much flexibility on payment mechanism from the ground up embracing all phases. These are some services in this respect that PumaPay presents for the merchant customers;
- The acceptance of cryptocurrencies as a mean of payment and ability of billing system in this scope,
- Likewise, all current billing system and all customers can get the service of flexible and comprehensive billing,
- The risk of fraud in payment is not an issue in this system. So, any kind of fine is not a question,
- The fee of commission on average between %3 and %15 is going to be saved for the favor of merchants as there are no intermediaries.
Project whitepaper presents deeper technical information for the one who is looking for more detail:
PumaPay Pull Payment Protocol is a very comprehensive project that offers an innovative approach. One article, which has a limitation of words, cannot cover all aspects. Before we conclude, we should also mention about PMA token. It’s a utility token with the standards of Erc20. The main characteristics of PMA are that it is easily convertible to another cryptocurrency o fiat money and has wide usage in both online and offline shopping, which will present so many advantages for the token holders.