One of the biggest developments in technology over the past few years is the digitalisation of payment. As e-commerce developed more and more, so did online payment. People could link their credit/debit card online and use it to pay. They also had the option of Net Banking, where they could directly transfer money from one bank account to another. Sometimes websites provided their own online currency and payment features, like Amazon pay. These are just a few of the many developments the digital payment has seen.
In addition to digitalising payments, recent years have seen the digitalisation of currency in the form of cryptocurrencies as a result of the emergence of Blockchain technology. The most popular example is of course Bitcoins which rose to popularity within very little time since its launch and has only increased in value.
"Digital technology provides a low-cost way for people in developing countries to send money to each other, buy and sell goods, borrow and save as long as the financial-regulation environment is supportive."
– Bill Gates
Although all these payment mechanisms are definitely better than physically paying with cash or card, they still have their own disadvantages. The biggest disadvantage would be the service charges that are levied for every transaction, which discourages users to use digital payments frequently. Also, security is still an issue even though as many security features as possible have been implemented.
With regard to Bitcoins, there are no major disadvantages. There is, however, the limitation of only one-way transactions being allowed i.e., the "push" operation. So there is definitely scope for improvement in this aspect as well.
Consequently, PumaPay has developed a blockchain based payment protocol, which aims to overcome all the disadvantages of existing digital payment methods and provide a more secure, efficient and transparent mode of payment.
The "Pull" Protocol
PumaPay's payment protocol is a free, open-source blockchain based protocol that aims to provide a means of secure, transparent and truly decentralised mode of digital payment. The protocol aims to implement "pull" payment i.e., the inverse of the current cryptocurrency transactions using smart contracts, thus enabling two-way transactions between entities. By doing so, the protocol opens the gateway to a whole new range of payment mechanisms like subscription fees, direct debit, pay-per-use, shared payment, restricted payment and so much more, which are impossible or unfeasible when only push operations are possible. Thus, the PumaPay Pull Protocol provides flexibility and range for the mechanism of digital transactions. It is a robust, scalable and easily accessible protocol that can be used by business entities to implement and execute their own business logic.
The PumaPay token (PMA) is the utility token that is the basis for all transactions using the protocol. It is the only means of value transfer between users, which they can later convert to other cryptocurrencies like fiat.
Revolutionising Digital Payment
PumaPay has developed a payment protocol that eliminates all the disadvantages in current digital transaction systems. It is free, with no need for any service charges. It is decentralized and transparent, due to the use of blockchains. It is open-source, and provides an SDK, for developing the protocol even further. It exposes more people to cryptocurrency and encourages increased use of cryptocurrency for making payments. By providing the ability to perform pull operations, the PumaPay protocol eliminates the only drawback of Bitcoins and other cryptocurrency, and opens the doors to a whole new domain of transactions.
PumaPay has managed to understand the greatness of blockchain technology, and use it to develop a revolutionary mechanism for digital payment. While blockchain technology itself has revolutionised the world economy, PumaPay holds the key to revolutionising the globally carried out economic transactions.
Website:https://pumapay.io/
Whitepaper: https://pumapay.io/docs/pumapay_whitepaper.pdf
Published By:Kishan748
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