Retailers and service providers are struggling with inefficient and costly payment mechanisms, which have not kept pace with the evolution of global commerce. Nothing – credit cards, alternative payments, virtual coins, or blockchain technology – has yet adapted to today’s various processing needs in order to provide an optimized solution for payment processing. PumaPay’s PullPayment protocol (the “Protocol”) under development, is intended to solve this problem by utilizing a new architecture of smart contract called “PullContract,” which enables new billing methodologies over the blockchain. We wish for the Protocol to promote more frequent use of cryptocurrency in online and offline markets, thereby significantly increasing the total volume of payments transacted with cryptocurrencies, as well as contributing to the global trend of payment decentralization.
The Protocol is intended to be a comprehensive solution which offers robust payment mechanisms far more credible, efficient, flexible, cost-effective, and scalable than current implementations. Unlike today’s payment methods, which include credit cards and virtual coins like Bitcoin, the Protocol is being designed from the ground up with the intention to overcome some of the existing payment problems. In addition, we believe the Protocol will have the potential to increase economic efficiency, reduce friction, and minimize risks by removing intermediaries such as credit card companies that also charge excessive fees.
The Protocol is designed as a free, open-source project built around a customizable chain of contracts that govern transaction behavior. It can be set as a simple single transaction, a complex transaction that includes, among others, recurring payments, pay-per-use payments, split payments, restricted payments, exchange rate corrections, or a combination of the above. Businesses will be able to use the Protocol’s payment mechanism as is or modify and/or create new ones to fit their needs. We believe the solutions offered by the PumaPay Protocol will create business opportunities for external third-party companies that can build additional services on top of the Protocol and contribute to the PumaPay ecosystem. Such services may include, but are not limited to credit facilities, transactions, insurance, dispute arbitration and escrow services, code verification services and others.
It is our intention that the PumaPay Protocol be promoted through partnerships with businesses that have significant turnovers, by encouraging them to adopt the PumaPay ecosystem from the onset. Through our Launch Partner, we hope the protocol will plug into industries with tens of thousands of daily customers spanning numerous markets.
Pumapay
