Decentralized Vision, the blockchain company creating a payment protocol that combines the benefits of traditional billing systems and blockchain technology, announced today the launch of its PumaPay Protocol; an all-in-one blockchain payment solution that offers billing mechanisms for e-commerce, online services and traditional merchants.
To date, the majority of retail commerce, both online and offline, revolves around credit cards: whether direct credit card processing or via ‘wrapper’ services. These methods impose high commission fees ranging around 3%-15% and feature other drawbacks to both merchants and consumers, that are common to centralized systems. Cryptocurrencies hold a great promise to overcome these disadvantages, but have yet to evolve into a widely accepted means of payment.
The PumaPay protocol was designed from the ground up with the sole purpose of addressing these issues, with a flexible standardized protocol aimed to accommodate any billing needs. The protocol’s indefinite flexibility is derived from the innovative ERC223-compliant Pull Contracts in addition to other contracts.
The PumaPay Protocol and tokens will support the most common transactions in the online and offline spheres such as: pay per use, single payment, scheduled payments, and monthly subscriptions, thus providing a blockchain-based solution for everyday payments, which represent tens of billions of dollars in monthly economic scope. These transactions are currently untapped with existing cryptocurrencies, such as Bitcoin or Litecoin.
Dealing with one of the weaknesses of cryptocurrencies, the protocol will also include security extensions and mechanisms to ensure trust between merchants and customers, including:
- Money back guaranty– enables the customer to cancel a purchase within a predetermined number of days after the transaction took place, and receive a partial or complete refund- subject to the business permission
- Restricted payments– enables the wallet owners to oversee and control their wallet activities or connected wallet activities.
The PumaPay Protocol is a flexible payment protocol that is mean to encourage outside input and development, as the Protocol comes with built-in modules, that the community can further develop. The core functionality of the PumaPay Protocol is represented by its on-chain architecture, which is made to be flexible and will evolve with the needs of the community.
In order to achieve rapid usage of the protocol, PumaPay is introducing a unique growth strategy, based on the allocation of 10% of PumaPay tokens to adaptors of the protocol, based on their usage of the protocol.
Yoav Dror, CEO of Decentralized Vision, the company behind PumaPay stated:
PumaPay intends to solve the genuine problem of utilizing cryptocurrency. Our easy to integrate open source solution, will provide a consumption outlet for the boiling crypto markets enabling vendors to harness cryptocurrency’s potential into their day to day billing mechanisms.
PumaPay will soon announce an initial offering for the PumaPay Token.