Cryptocurrency is here to stay. That's it.
Whether as a store of wealth or as payment method, cryptocurrency is now changing the world.
We know and have heard a lot of smart contacts in financial projects, but how can we make sure that this doesn't make it the single point of failure?
Bitcoin is not yet ready to become the real method of payment, mostly because scalability and fee issues. Other projects still struggling to solve the mass adoption problem of cryptocurrencies. What we know is that we can send or transfer tokens to another address and that's all ( a one way transaction). It is not possible to do two-way transaction or "pull transaction" without exposing sensitive information. But if we are talking about mass adoption, we need to do better than that.
PumaPay introduces "PullContracts", a contract that allows two-way transaction. This is the first time that we are not only able to send payment to an address but also to pull money out from that address based on predefined terms between both parties.
PullContracts are designed with flexibility and can be implemented to allow many different payment mechanisms and features. These contracts allow businesses to develop their own billing methodologies through the Contract, present it to the user, authenticate the transaction before execution, and transmit it for execution on the blockchain.
The PullContract supports an advanced “pull” payment mechanism, which allows users to not only “push” their transferred cryptocurrency to other wallets, but also initiate a ‘pull-transaction’ from another Account after prior authorization has been given.
The easiest way to describe it in modern world would be an automatic bill payment, a money transfer scheduled on a predetermined date to pay a recurring bill. Most of use have been using automatic bill payment as the best way to save our time instead of manually paying all the bills manually (credit card bills, electricity bills, etc)
The same applies to PumaPay, it allows any business and individual to enable "automatic pull payment" from certain cryptocurrency address securely without any arrangement with the address owner. All payments will be automatically charged from the address (account) which will provide a paperless and convenient transaction to the address owner (read: customer).
PumaPay provides a flexible solution for crypto payments and billing, whether it's a one-off invoices or automatically on a recurring basis. This way, businesses can get paid faster and save time from repeat customers.
With PullContract's ability, mass adoption is on the way. We will see that small to big companies can benefit more in the long term, since PullContract is increasingly easier, safer and can be tailored to their own specific needs with a wide variety of parameters.