PumaPay - New Cryptocurrencies For Your Everyday Transaction
Even though the value of 1 BTC has crossed 13000 USD, still it is a black box for many people. Because they couldn't trust these cryptocurrencies as they are not backed by any government. Also, it is not widely accepted as a form of payment by many sellers. Only those people who are viewing cryptocurrencies as an investment option are monitoring the happenings in the crypto world.
Even though the value of popular cryptocurrencies like BTC (Bitcoin), ETH(Ether) or LTC (Lite coin) are increasing every day, still they are not able to replace the traditional fiat currencies. Why? There are three main reasons which are given below:
- As cryptocurrencies are not regulated and backed by any government, most of the people are not willing to take any risk by investing or using cryptocurrencies for their everyday payments.
- There is no trusted wallet or payment gateway which can accept any type of cryptocurrencies like BTC, Ether etc for paying the various utility bills like energy, internet, mobile phone and more.
- Only a few merchants are accepting cryptocurrencies as a payment option.
To overcome the above the challenges, an innovative protocol named PumaPay is being developed by the company Decentralized Vision. PumaPay is basically an open source Pull payment protocol which aims to provide more efficient, flexible, reliable, secure and cost-effective payment mechanisms. The main objective of the protocol is to increase the usage of cryptocurrencies in everyday payments thereby reducing the transaction fees and other risks associated with the existing payment methods like credit cards.
To achieve the goal, PumaPay protocol uses the concept of PullContracts and PullRequest. What does it mean? Let me explain with a real case study. Rock (a fictional character) came to know that his utility company has recently introduced PumaPay as a payment option. So, he wants to use PumaPay to set a recurring payment for paying his utility bills every month. After giving his account details, a PullContract is created using the PumaPay SDK and the QR code for the same is displayed on the screen. He scans the QR code to know the details of the contract. It explains that the contract can automatically withdraw a variable amount every month based on his electricity consumption. Based on the past payment history, Rock knows that his utility bill has never exceeded $200. So, he sets a limit for the same amount and accepts the PullContract. Now, Rock is connected to the power grid and he doesn’t have to worry about paying the utility bills anymore as it is automated. This payment is an example of Fixed Time Recurring Payment as the amount is deducted at the same time every month.
As PumaPay is an open source protocol, the businesses can easily integrate their existing payment solutions to the platform. Also, the third-party developers can build their own payment applications on top of the PumaPay protocol. What kind of benefits does PumaPay provide to the consumers? The consumers need to make different types of payments like paying the monthly subscription of a magazine, buying the weekly groceries or dining at a restaurant. Some of the payments may be one time while others may be recurring. PumaPay offers a variety of payment options to the consumers which are given below:
- Recurring payments (Fixed time & Fixed amount)
- Shared payments
- Restricted payments
- One-time & Pay-per-use payments
So, the consumers can choose the appropriate payment type based on their needs. How to access the features of the PumaPay platform? Obviously, it is not available for free of cost. If someone needs to access the platform, they need to hold the PumaPay tokens (PMA) which will be available for sale during the token sale event of the company.
The PumaPay Token
The PumaPay token is designed using the ERC223-compliant protocol (an extension of ERC-20) to generate its Pull contracts. The token will list on exchanges as PMA. The ICO is scheduled for March 15-27th, 2018. More details of the ICO can be found on PumaPay’s website.
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