PumaPay Aims To Tackle Credit Card Fraud, Protect Merchants And Save Consumers Money

· April 13, 2018 · 4:00 pm <!– Excerpt

A Blockchain custom is being grown that aims to bluster a prevalence of old-fashioned credit cards. PumaPay wants a height to emanate fairer terms for merchants around a world, ensuring a transaction fees they compensate decrease dramatically. In turn, it is approaching that their business would advantage from reduce prices. The crypto startup says a open-source system, famous as a PullPayment Protocol, changes a approach payments get from A to B expelling large intermediaries

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A Blockchain custom is being grown that aims to bluster a prevalence of “outdated” credit cards.


PumaPay wants a height to emanate fairer terms for merchants around a world, ensuring a transaction fees they compensate decrease dramatically. In turn, it is approaching that their business would advantage from reduce prices.

The crypto startup says a open-source system, famous as a PullPayment Protocol, changes a approach payments get from A to B – expelling large intermediaries and dramatically slicing delays in a process. Instead of a stream procedure, where a patron effectively pushes their remuneration to a business, a businessman would be means to lift income out of a shopper’s comment once they have been given accede to do so.

By reversing a remuneration process, PumaPay enables mixed remuneration scenarios that have been non-professional on a blockchain before, such as repeated payments, pay-per-use (time-based charges), separate payments (affiliate programs), and limited payments. PumaPay believes this change in a remuneration model will be a matter for creation cryptocurrencies a possibly and renouned form of remuneration in brick-and-mortar stores as good as on a internet.

Preserving a Bottom Line for Merchants

PumaPay CEO Yoav Dror says times are tough for merchants, many of whom rest on a ability to accept credit label payments if they are to inspire shoppers to partial with their hard-earned cash.

PumaPay argues that a infrastructure surrounding credit and withdraw cards, that dates behind decades, was never built for a fast-paced digital economy.

Resultantly, tiny businesses can be theme to dozens – if not hundreds – of opposite fees by a difficult complement that takes a sizeable cube out of razor-thin distinction margins. Although cryptocurrencies have been flourishing in form during new years, PumaPay claims they have not turn a unsentimental remuneration process for merchants nonetheless since they are “far too underdeveloped” when compared with a station quo.

According to PumaPay, one instance of where credit cards are proven to be non-professional for a digital economy can be found in a levels of rascal committed when cards are not present. Rising numbers of fraudsters are receiving a label numbers of gullible consumers and shopping equipment during will – though nonetheless a cardholder mostly gets this money quickly refunded to them, it is mostly merchants who have no choice though to collect adult a tab. As a result, not usually aren’t merchants guaranteed to accept supports to their sale, though they can also turn theme to crippling fines imposed by credit label companies as a outcome of chargebacks.

PumaPay wants to change a industry’s concentration so merchants are served and not exploited, and has a idea of a complement apropos a go-to finish for remuneration estimate in a 21st century. PumaPay has already begun to pointer adult merchants who will be among a initial to welcome a custom when it goes live. These “early adopters” embody Fashion TV, Rent24, Vivid Entertainment, ImLive, AEBN, ChatMaker, CCBill, and others.

To incentivize other businesses to adopt a system, an app called PumaPay Pride is being built that informs business where they can use their tokens circuitously – giving merchants larger exposure.

Giving Merchants Options

PumaPay says it is assured that a PullContracts Protocol will concede merchants to accept payments as flexibly as they do now – and settle station orders.

In a white paper, a association provides box studies of how a custom could potentially be used. Examples embody an arrangement with an electricity provider to take a remuneration each month depending on how most appetite has been used, profitable repository and streaming media subscriptions, or settling a add-on during a grill by a QR formula printed on a bill.

At first, PumaPay is going to rise an Android app so consumers can simply entrance their wallet – with dedicated versions for iOS and Chrome users following shortly afterwards.

From Apr 26, 2018, PumaPay is rising a token era eventuality to lift contributions. The startup skeleton that one of a protocol’s early adopters, ImLive, will be integrated into a height by a finish of this quarter, paving a approach for a simplified chronicle of a PMA application token to be released. By early 2019, this would be followed adult by a second iteration of a token – as good as cryptocurrency wallets that can be used by a public.


Images pleasantness of PumaPay

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