Blockchain company Decentralized Vision announced the launch of PumaPay, a payment protocol that combines the benefits of traditional billing systems and blockchain technology in an all-in-one blockchain payment solution that offers billing mechanisms for e-commerce, online services and traditional merchants.
As the majority of retail commerce, both online and offline, revolves around credit cards, whether direct credit card processing or via ‘wrapper’ services, these businesses are stuck with high commission fees ranging around 3%-15% and other drawbacks common to centralized systems.
Cryptocurrencies are yet to evolve into a widely accepted means of payment, but for now, the PumaPay protocol was designed to address these issues by supporting the most common transactions in the online and offline spheres and are currently untapped with existing cryptocurrencies: pay per use, single payment, scheduled payments, and monthly subscriptions.
These transactions represent tens billions of dollars in monthly economic scope and PumaPay would be able to provide a blockchain-based solution for these everyday payments with its innovative ERC223-compliant Pull Contracts, an evolution over the ERC20 token standard.
The protocol will also include security extensions and mechanisms to ensure trust between merchants and customers, including:
Money back guaranty– enables the customer to cancel a purchase within a predetermined number of days after the transaction took place, and receive a partial or complete refund- subject to the business permission
Restricted payments– enables the wallet owners to oversee and control their wallet activities or connected wallet activities.
Yoav Dror, Chief Executive Officer of Decentralized Vision, said: PumaPay intends to solve the genuine problem of utilizing cryptocurrency. Our easy to integrate open source solution, will provide a consumption outlet for the boiling crypto markets enabling vendors to harness cryptocurrency’s potential into their day to day billing mechanisms.”
Credit cards will inevitably evolve to include the benefits of cryptocurrency, in the online and offline worlds, and the PumaPay Protocol is at the forefront, ready for the widespread adoption. A flexible payment protocol, PumaPay encourages outside input and development as its on-chain architecture is able to evolve with the needs of the community.
Its growth strategy is based on the allocation of 10% of PumaPay tokens to adaptors of the protocol, based on their usage of the protocol. PumaPay will soon announce an initial offering for the PumaPay Token which 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.