What is PumaPay?

PumaPay
4 min readMar 10, 2018

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PumaPay is an open-source, blockchain-based billing protocol which leverages the crypto payments’ potential by making them accessible to merchants.

Recently featured in VentureBeat, Forbes, Huffington Post, and Tech Bullion, PumaPay addresses the long-overdue issue of turning cryptocurrencies into a proper means of everyday payments. This step could inject up to $500B of the crypto-generated funds into the economy. True to its blockchain nature, PumaPay simplifies transactions by decentralizing and relieving them of any 3rd party- associated costs (I.e.: credit card commissions, exchange rate corrections etc.) This is the change the payments’ industry has been waiting for.

What’s the technological innovation?

PumaPay rethinks the way transactions take place today by reversing them. Unlike the ‘traditional’ cryptocurrency protocol involving one side ‘pushes’ funds to the other, PumaPay was built around a PullPayment system. Instead of having the Customer send or ‘push’ a token to the Merchant, it allows the Merchant to initiate the payment and connect to Customer through a PullContract-based protocol and literally ‘pull’ funds from their wallet. This action is subject to predefined terms and conditions as well as the Customer’s acceptance.

Developed from the ground up, the PullPayment architecture is the hallmark of PumaPay and starts a whole new era for cryptocurrencies. Including both on-chain and off-chain modules, PumaPay enables types of online and offline transactions that are otherwise impossible over the blockchain, such as recurring payments, direct debit, pay-per-use, restricted and even split payments.

Flexibility is the name of the game

Developed as a one-size-fit-all Pull-based protocol, PumaPay was designed around SDK (Software Development Kit) and API, which make it fully customizable to every merchant’s specific needs.

Specifically, a service provider using PumaPay can integrate insurance, code review, credit, product delivery, billing services and many more features to meet their customers’ requirements.

PumaPay unchains the blockchain

Despite the wave of virulent criticism, not to mention the war against crypto transactions that the launch of Bitcoin has generated, blockchain technology holds a great promise for changing the face of e-commerce and the payments’ industry, in general.

By breaking away from a centralized system, the use of a blockchain-based protocol puts merchants and their customers back in control of their funds. For example, merchants are charged a significant fee for each transaction. They are also subject to multiple regulations and fines from credit card companies. This is where the blockchain protocol and PumaPay come into play. Simplifying transactions, PumaPay saves significant amounts of money to both merchants (charged by the POS provider a significant fee for accepting credit cards) and their customers (who, arguably end up paying higher amounts for products and services, as merchants have to incorporate all the 3rd party fees and risks into the final price).

With a simple scanning of a QR code which only takes a few seconds, the transaction is approved, and the purchase done. This is yet another advantage of PumaPay. Whereas a Bitcoin transaction takes above 10 minutes, a PumaPay payment will be settled immediately thanks to the new-generation blockchain it will be running on.

PumaPay ecosystem

Paving the way for a tokenized economy, the PumaPay ecosystem is built around the features and functionality of the PumaPay Token.

Aiming to become the standard for online and offline payments, the PumaPay Token exists in a strong ecosystem, which will ensure its usability from the onset. For instance, dozens of companies have already committed to implement the payment tool as soon as it is released. This will offer PumaPay contributors an immediate outlet for their tokens. Among PumaPay’s Early Adopters are global brands, including Fashion TV, Backpack, CCBill, ImLive to name a few.

By using PumaPay, merchants will become a part of the PumaPay Pride, an important part of the PumaPay wallet. This app will be showing all merchants who accept PumaPay on the map around the user’s location. Envisioned as a cross of AppStore and Booking.com for businesses, PumaPay Pride is set to become ‘the place to be’ for all merchants who strive to be a part of the trend rather than just follow it.

The protocol will come with multiple extension services to ensure the best functionality and user experience for both sides, such as privacy and anonymity protection, loan applications or installment-based payments through a credit network company, payment of legal fees with Tokens and much more. Naturally, the PumaPay wallet will include multiple notifications and flexible settings, expected from the modern app.

PumaPay Token Contract in a nutshell

The PumaPay Contract has three components:

  • The Account — which is implemented as a public address used to monitor the balance of the PumaPay Token, PullContracts and Limiters connected with that address.
  • Authorizers — are parameters that determine whether a PullContract should ‘pull’ or request money from an account.
  • PullContracts — are smart contracts which represent the framework of a payment relationship between accounts and facilitate the transfer of tokens.

PullContracts are fully customizable, the user having the possibility to set up a contract with original code or built modularly, using a pre-existing set of Authorizers.

With a versatile design, PullContracts support an advanced ‘pull’ payment mechanism, which enables users to both ‘push’ their transferred cryptocurrency to another wallet and initiate a ‘pull’ transaction from another Account after prior authorization was given.

Thanks to its flexibility, PumaPay can be used in nearly all commercial aspects of life like bill payments, legal fees, gym or magazine subscriptions, travel tickets etc. By enabling multiple types of transactions that merchants need to process to sell their goods or services, PumaPay changes the economic mindset and starts a new era of decentralized finance and tokenized economy.

Join PumaPay on Telegram and learn more about the future of payments!

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PumaPay

The comprehensive payment solution making crypto accessible to everyone. Outsmart your payments!