Cryptocurrency Startup To Take On 'Outdated' Credit Cards Through Blockchain Payment Protocol

PumaPay claims its system has what it takes to propel cryptocurrencies into mainstream use and rethink how payments are processed.

According to PumaPay, its invention is "Far more credible, efficient, cost-effective and scalable" than current solutions - and offers much-needed flexibility to make cryptocurrencies viable as a source of payment both online and offline.

Serving merchants, not exploiting themAccording to PumaPay, it is merchants who lose out most through the economy's "Anachronistic" reliance on card payments which dominate online shopping sites.

Not only do these charges take a serious toll on a merchant's profit margins, but PumaPay says long transaction reconciliation times have a detrimental impact on cash flow.

Despite cryptocurrency and Blockchain representing an exciting development over the past decade, PumaPay argues that none of the currently available crypto-payment solutions are functional enough to compete with big players such as Visa and Mastercard.

PumaPay says it plans to "Serve merchants, not exploit them" and make its platform "The de facto standard for modern payments." It is already promoting the protocol and attracting early adopters who will begin using the system upon release - including brands such as Fashion TV, Rent24, Backpack.io, CCBill, SegPay and other online merchants and payment processors across multiple industries.

Several adult entertainment companies have also embraced the protocol - with the industry suffering from high credit card transaction costs because their sector is deemed "High risk." PumaPay believes its protocol is well suited to pay-per-view scenarios, providing flexibility for entertainment platforms and protecting their clients' privacy.

PumaPay CEO Yoav Dror told Cointelegraph: "Many online platforms are now releasing their own tokens which are by default limited by a platform's user base. The PumaPay token transcends merchants, platforms and industries as more and more merchants express the interest in joining the ecosystem. As a result, the product offering will increase along with the PMA [token]'s spending potential and the demand for the token will grow." The ultimate vision of the PumaPay economy is the self-feeding loop that keeps growing with new merchants and customers.

Merchants who become part of the protocol will also benefit from a hub called PumaPay Pride - an app which alerts shoppers to nearby businesses which accept the platform's token.

"As flexible as payment cards"According to PumaPay, the flexible nature of PullContracts means merchants can mold them in ways to best suit their business - allowing them to conduct offline transactions and receive recurring payments.