/ Crypto

As Fast as a Puma – Direct Payments on the Go

By definition, direct payments are transactions between 2 account holders who transfer funds to each other. An easier and safer way to handle money compared to carrying a suitcase full of notes, you think. But how cost-effective is it, really? Let’s have a look at the facts.

Direct payments on the go

While the accruing interest on your deposit every month may be enchanting, when you get to think of the bank charges on your allegedly direct payment that's when your worries begin. The Bank charges you for account administration, cross-account transfers, not to mention the exchange rate corrections if you need to make a transfer in a different currency than yours.

Freaking out already? Well, you’d better, because this is not all. As a bank account holder, you must have a credit or debit card tied to your account. Imagine a simple scenario – you go to the grocery store around the corner to buy bread and milk. To pay for your groceries, you hand in your credit card to the cashier, who swipes your card, the payment goes through, everybody’s happy, you take your stuff and go home.

This is actually more complicated than it may seem at a first glance, because apart from you and the grocery store owner, in this play other hidden actors are also involved. These are your card issuing bank, the grocery store owner’s bank and the card transaction processor allowing the grocery store to handle credit card payments. All of them get a fair share of the final price of the products you just bought. While all the costs associated with your credit card payment may be on the ‘house’, not on you as a customer, it is arguable given that some merchants may include those in the final price, which you pay in the end. 1% here, 1% there it all adds up at the end of the month when you receive your credit card statement and you see an extra $70 transaction fees. Not pretty, is it?

The blockchain solution

Considering the latest-generation technological progress and wanting to make the most of it, you may be considering an alternative to cut those costs – THE BLOCKCHAIN. Yes, this is it! Fast, secure, reliable, anonymous should you want to, and direct. All you need is create a wallet, fund it and from that moment on you can start rolling the ball.

All transactions are done electronically, from one wallet to another and above all, are encrypted, which minimizes the risks of fraud. Direct payments finally get to be what they should, you think.

Furthermore, you’ll be literally siting on a gold mine if you switch to cryptomoney - you might think. With the Bitcoin alone reaching $10.5k, all your financial problems can be sorted in a matter of hours only. That said, with a currency so expensive in your hands you may feel less urged to spend it. While you may feel tempted to pay a certain amount of bitcoins for a house, you will definitely not buy coffee with it. Not much of a viable solution, is it?

Other reasons why the blockchain may be far from being the ideal solution for handling direct payments (at least in its current shape) are the technical intricacies of the system itself and the sometimes tricky platforms facilitating crypto buying and selling.

For instance, a Bitcoin transaction takes at least 10 minutes to complete, as this is how long it takes to mine a new block. That’s a lot of time business-wise!

Additionally, it may not be so easy to withdraw funds from a platform supporting crypto trading. Platforms like Coinbase, for instance, require that users make a tiny deposit up to $6 to allegedly verify their account at the point of withdrawal. To make matters worse, banks in some countries refuse to accept transactions from Coinbase and the like to due to the lack of regulations for cryptocurrencies and related transactions... In many cases, for various reasons, the funds remain stuck on the platform unless sold elsewhere and traded on localbitcoins.com, a crypto trading platform tied to Coinbase. Only then, will you be able to get your hands on some cash. But, don’t stress, because…

PumaPay saves the day

PumaPay is a quick and easy new-generation blockchain solution that not only saves you all the trouble associated with blockchain usability, but it will also help you handle payments as fast as a puma.

Yes, seriously! With an innovative architecture that prompts a ‘pull’ action rather than ‘push’ as other crypto mechanisms, PumaPay reverses the engineering of crypto transactions.

Designed to help you, the user and the merchant, the PullPayment protocol of PumaPay requires that the merchant initiate a ‘pull’ action or a PullRequest, which is directed to your wallet. If that matches the parameters you set, with a simple scanning of a QR code (PullContract relating to your transaction), the payment is approved, and the funds will leave your wallet and go straight to the other party within seconds.

In addition to that, PumaPay simplifies payments in multiple ways by bridging traditional, credit card-supported methods and blockchain technology.

Placing the Merchant's needs front and center, the PullContract solution that PumaPay brings new to the blockchain facilitates any and all kinds of payment procedures that we encounter on a daily basis, such as pay-per-use (general shopping, dinners out, or even travel tickets), recurring payments based on time with variable amount (utility bills), recurring payments based on time with fixed amount (gym or magazine subscriptions), revenue share (affiliate marketing commissions), restricted payments (the ideal facility for parents who want to make their children more financially responsible by giving them pocket money while monitoring the way they spend it at the same time).

With the current functionality of the blockchain system, supporting this kind of day-to-day payments is impossible. Thanks to PumaPay and the set of customizing parameters it comes with, the PullProtocol can be easily adjusted to meet all commercial needs, allowing merchants to design their own transaction logic as it fits their business model. That's why, valuable and stable as it will be when it enters the market, PMA coin could buy you anything from needle and thread to a house and a cable TV subscription to go with it.

The innovation does not stop here though, as the protocol saves merchants a lot of money, which they would otherwise have to spend with credit card payment processing fees, not to mention chargebacks and associated fines.

Furthermore, by supporting both micro and macro-transactions in a transparent yet securely encrypted and puma-fast way over the blockchain, PumaPay takes crypto payments to the next level, thus allowing the $500B capital invested in cryptocurrency globally to penetrate the economy.

This is what both blockchain operators and merchants have been waiting for - a solution that is fast, reliable, cost-effective, and easy-to-use. If you need more in-depth information about PumaPay functionality, TGE launch date and the numerous ways you could make the most of it, join our Telegram group.



Comprehensive Pull Payment Protocol A free blockchain pull payment protocol that makes crypto billing accessible to every business

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