THE GOOD NEWS

As the crypto ecosystem evolves having a payment protocol like PumaPay in place and fully developed will allow future projects to design and build applications that fit into the workflow of our lives.

PumaPay is building the framework for mass adoption of cryptocurrency based payments.

Most common payment systems are known as “pull” payments where the merchant pulls money from the buyer’s account. In the crypto world, all payments are currently “push” payments where the buyer must send payment to the merchant.

This creates problems with many types of payments like subscriptions, recurring fees, and even one time purchases.

PumaPay, which recently raised over $117 million in a private sale, is bringing pull payments to thecryptocurrency world. The project has already partnered with over 36 brands and is progressing steadily on its roadmap. PMA tokens have been distributed to some users and the company is actively seeking additional partners to complete the ecosystem.

As a protocol PumaPay will be the foundation that payment systems are built on. In addition to allowing pull payments, PumaPay is introducing advanced purchase management functionality. All of these payment options will be completely trustless and operated via smart contracts.

If you are a business looking to accept cryptocurrency as a payment then PumaPay could be your solution. If you are a consumer PumaPay will make your life easier by adding flexible payment options that have been missing from the crypto space.

Let’s take a look at the unique payment options that PumaPay will offer its customers.

FIXED AMOUNT RECURRING PAYMENTS

The Pull Payment Protocol enables the creation of contracts that charge a fixed amount based on time.

Have you ever wanted to use crypto to pay for Netflix or your VPN subscription?

Right now it’s impossible because it would require Netflix to send the subscriber a wallet address when payment is due.

The subscriber would have to manually send payment to that address each month.

With PumaPay’s pull payment protocol, the subscriber will have to authorize payment to service only one time. This can be done using a QR code or other measure.

After the initial authorization, the service provider will be able to pull payments from the PumaPay wallet on a monthly basis.

Some common types of recurring payments are:

• Monthly Subscriptions
• Car Payments
• Student Loans
• Gym Memberships
• Crypto Savings Fund

All types of recurring payments are targeted to be available in the third quarter of 2018.

PAY-PER-USE

Pull contracts can be used to charge clients on a pay-per-use basis.

Pay-Per-Use is a growing form of payment due to the explosion of online experts offering services. These services often require to be paid by the minute or the hour.

In the non-crypto world, this type of payment is secured by using a credit card to vouch for the charges when they are finalized.

In the crypto-space, it is much more complicated and involves moving funds to escrow ahead of time.

When using PumaPay for Pay-Per-Use the service provider will set up a fee schedule like 10 PMA for 10 minutes or 1 PMA per minute.

The consumer will scan a QR code agreeing to the contract and 10 PMA will be pulled into a smart contract.

While the service is operating PumaPay will confirm that the services are ongoing every 15 seconds.

When the service has terminated the charge for all 15-second intervals will be calculated and sent to the service provider. Any unused PMA will be returned to the wallet.

PumaPay has partnered with many companies that offer pay-per-use functionality for video streaming. Other examples of use include:

• Legal Advice
• Medical Expertise
• Fitness Instruction
• Music Lessons
• Adult Streaming

FIXED TIME VARIABLE AMOUNT RECURRING PAYMENTS

PumaPay’s Protocol can set up recurring payments based on time with a variable amount.

These are the most common types of recurring payments for many people. These would include utility bills and credit cards.

These types of bills are due the same day each month but the amount changes based on use.

At this moment in time, it is impossible to make an auto-payment of this type with crypto. PumaPay is going to change that.

With PumaPay a user can authorize monthly payment and set a max limit to prevent fraudulent or incorrect charges.

If a utility bill is normally between $50-$100 then a user can set a $100 limit to prevent mishaps.

Each month a charge up to $100 will be automatically pulled from the utility provider from the consumer.

ONE TIME/SINGLE PAYMENTS

Pull contracts can be applied to a single payment both online and offline via wallet app.

These are common payments that people utilize every day like purchasing clothes at the mall or buying food at a restaurant.

With PumaPay a consumer can purchase goods or services both online and off using PMA tokens. The PMA tokens automatically convert to FIAT at the point of sale.

This allows Puma wallet holders the flexibility to shop anywhere they please.

SHARED PAYMENTS

The flexible Pull Payment Protocol can also be used to divide payment between multiple parties.

A shared payment is much more than splitting the payment of a restaurant bill amongst friends. PumaPay shared payments can be used by merchants to split payments without complicated cash transactions and accounting.

If someone is attending a concert and the band is selling merchandise at the venues counter the band is paying a cut of their revenue to the venue.

With PumaPay a smart contract would be utilized that would split the revenue in the desired proportions automatically at the time of purchase.

This could also be used at consignment shops were the true owners of the goods are not present. As soon as a purchase is made the payment will be shared amongst all of those entitled to a portion.

RESTRICTED PAYMENTS

A pull contract can also be restricted according to the user’s preferences.

This new payment type is unique to PumaPay. Restricted payments would allow the wallet holder to authorize others to spend from their wallet under certain parameters.

Restricted payments have only one equivalent which is handing someone a specified amount of cash. They cannot spend any more than what they have received.

Restricted payments are the type of payments that parents would love to have.

They can authorize a specific amount to be spent, by a certain date, and also limit spending to certain partners.

A parent could give their kids $10 worth of PMA for use at an arcade. If their child went to a burger stand the payment would be rejected and spending more than $10 would not be allowed due to the smart contract.

PUMAPAY CAN TAKE CRYPTO PAYMENTS MAINSTREAM

The PumaPay protocol is creating a channel for the payment types that are needed for mass adoption of crypto as a payment method.

Often times the simplest things are what we need the most. In this case, many consumers do not know that cryptocurrency does not currently have the ability to make pull payments. Others might not have even thought about why this is important.

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