Could there ever be an alternative to credit cards? Through PumaPay, there might be. With the aim of disrupting the entire payments landscape, PumaPay have developed a whole suite of products for the benefit of merchants and customers utilising cryptocurrency. With the potential to revolutionise an entire industry, we took a closer look at this company to find out more.
As the first comprehensive crypto payment solution for businesses, PumaPay combines the flexibility and ease of credit cards with the myriad advantages of blockchain technology. Dedicated to working out innovative solutions to the use of blockchain technology, this company has gone from strength to strength over the last year, working as a disruptive payment solution. It is now pushing the boundaries of what their new flexible billing model can handle on the blockchain, perusing a better payment solution that is robust, scalable and secure.
The biggest innovation provided by PumaPay is in their PullPayment Protocol. Reversing the monetary transaction, it offers merchants the ability to “pull” funds from customers’ PumaPay wallet. These billing mechanisms are common in daily life, but were not possible through the blockchain like direct debits and recurring payments. Enabling this ability opens up new possibilities for the company, with the PullPayment Protocol’s versatility meaning that businesses can define their billing model as they wish and adapt to any business logic.
The success of PumaPay lies in the flexibility of their model. Blockchain transactions are
final, immutable and maximise value to the business and the customer. With zero volatility and 100% liquidity, businesses are able to receive their proceeds directly to their bank account, without the liquidation hassles usually associated with crypto exchanges. All these advantages have led to over 100 successful brands turning to PumaPay to handle their payments. These companies are known to PumaPay as members of their ecosystem and include wix.com, MojoHost and Rent24.
Despite garnering the attention of such high-profile users for their systems, the biggest challenge facing PumaPay currently is the adoption of crypto payments by everyday consumers. Those using their credit cards, and other variations such as online payment methods, need to see cryptocurrency as a viable alternative that is simple and straightforward to use. Similarly, the lack of regulation in this new technology has proven to be increasingly more problematic. As more investors and companies look into cryptocurrencies, the more need there is for a consistent framework for businesses to work under. This will guide the way in which the technology evolves. Fortunately, the use of cryptocurrency has attracted the attention of several banks and FinTech companies around the globe. It proves that blockchain technology has a viable future that can, and should, be explored.
To make the most of this future development, PumaPay is committed to developing a blockchain-based cryptocurrency system that serves the evolving needs of individuals and businesses. Currently, this is being done through the various components of the protocol it runs on. This means updates for its suite of products, so they are fit for an evolving purpose. Currently, there are plans to update the Business Console and the Wallet App further, to include more supported coins, additional advanced billing models that will be supported by the wallet on release. We are constantly working on new ideas and additions to the protocol and endeavour to release some of
these additions and enhancements over the coming months.
It’s clear that blockchain technology has yet to completely capture the public zeitgeist, but it has gained a great deal of support from businesses. As those who have invested in cryptocurrency work to establish the rules of the market, PumaPay works to provide a solution that will benefit merchants and businesses alike, acting as a true replacement to the credit card in the minds of the public. It’s this way of thinking which ensures that when attention turns to cryptocurrency, PumaPay will be at the forefront of any future developments within the industry.