Inefficient and expensive payment mechanisms have become a real burden for retailers as the global commerce evolution is knocking at the door. The world has not seen an optimized solution for the retail market and payment processing so far.
The XXI century payments should be more credible, efficient and flexible. And the blockchain and cryptocurrency technologies is the best solution, as there is a lot of payment problems. “PullContract” aids to increase economic efficiency and minimize risks by removing such intermediaries as credit card companies which charge fees.
Modern ecosystem structure
Every card payment is a quite complicated and inconvenient process, as it has a lot of participants and stages. See for yourself:
- Card networks are central transaction points between users and entities.
- Acquiring banks give merchants access to the systems for card payments acceptance.
- Issuing banks may keep the deposits or extend the credit account.
- Processors transfer payment data securely.
- Payment Gateways are front-end processors. In addition, payment gateways can benefit merchants by offering them certain services.
The blockchain technology is now changing the payment industry. PumaPay project creators believe that the blockchain-based payment protocol will make payment cards more flexible and scalable due to the decentralized platform. In addition, it will increase the number of daily transactions in cryptocurrencies.
The mass cryptocurrency adoption and payment protocols like PumaPay would directly connect the merchants. Like many ICO start-ups, PumaPay is quite ambitious as their mission is to create a new flexible payment system throughout the world.
PumaPay
PumaPay will solve this problem by using a smart contract called “PullContract” which provides new blockchain methods. It will promote more frequent use of cryptocurrency market, encouraging the total volume of cryptocurrency payments. Moreover, it will make the payments decentralized, that is, safer and faster.
The Protocol is multifunctional as it includes recurring payments, pay-per-use payments, split payments, restricted payments and exchange rate corrections. The businesses involved will modify a convenient way for them, with PumaPay eliminating third-party companies and develop a new PumaPay ecosystem.
PumaPay promotes a partnership with huge businesses by encouraging them to adopt the “PumaPay” ecosystem.
Payment cards accumulate over 77% of global commerce, 257 billion card transactions worldwide. As for Visa cards, they generated 54% worldwide in 2016.
Nowadays the most popular payment methods involve such networks as Visa, MasterCard and American Express (AmEx). Payment gateways like PayPal or Stripe and E-Wallet systems such as Apple Wallet and Google Wallet are developed around payment cards.
How does it work?
Unlike common cryptocurrencies, PullPayment smart contracts allow one contractor to connect the other side’s account (public address) and ‘pull’ funds into the account directly. Of course, the latter should confirm the transaction.
PullPayment architecture will discover the whole universe of new payment mechanisms that seem impossible today. In the future, any merchant will be able to make his own transactions.
PumaPay token (PMA) and Pre-sale
- The tokens will feed the Protocol ecosystem.
The PumaPay Token is built on ERC20 standard interface extending money transfer processes. The PumaPay Token differs from current cryptocurrencies mechanisms.
PMA tokens will be sold to individuals and companies contributing to the project. However, an open CrowdSale will not take place. The Private Sale will be provided to accredited and qualified investors after the standard KYC and AML procedures.
The minimum contribution is $50,000 USD or its equivalent in ETH, BTC and EUR.
The Private Sale of PMA tokens ends on May 7th, 2018 at 12:00 am (UTC).
- Altcoin Contributions
PumaPay project may also accept contributions in other cryptocurrencies (Altcoins). The Altcoin/ETH exchange rate will be calculated within 24 hours from the moment the contribution will be received by the company according to coinmarketcap.com.
Conclusion
Nowadays a lot of startups are developing new ecosystems and payment methods completely changing the finance. A project must offer something really innovative to increase its competitiveness. In particular, PumaPay has a very flexible system with a great functionality that certainly facilitates retail transactions.
You can find detailed information on the following links:
Official website
Whitepaper
Bitcointalk ANN Thread
Bitcointalk Bounty Thread
Telegram
Twitter
Bitcointalk Username: CapnBDL
Bitcointalk profile link: https://bitcointalk.org/index.php?action=profile;u=212645
My Ethereum address: 0x577FA2553Af35908072Af7fc61270fd98022002b