A provider of crypto solutions that introduced blockchain-based subscription billing to merchants who use credit cards is moving to Binance Smart Chain.
PumaPay was a pioneer in cryptocurrency payments through the PullPayment protocol, a series of smart contracts that enable flexible billing tools such as recurring subscriptions and auto-replenishment that actively “attracts” customer payments. By eliminating the need for customers to actively “pay” cryptocurrency payments every month, it gives online sellers an alternative to the high fees and restrictive rules of paper credit card companies that were previously the only source of “see and forget” payments.
Ditching the clogged and expensive Ethereum network will make transactions 100 times faster and 50 times cheaper than they are now, but this is only part of PumaPay v3 which will be fully operational in the third quarter of 2021. The 3G protocol adds liquidity pools and automatic switches. According to PumaPay CEO Yoav Dror, the company is taking a big step into the world of decentralized finance.
PumaPay v3 heralds a new era of DeFi payments. V3 will be a true blockchain-based payment solution that is a powerful and competitive alternative to Visa and Mastercard. First and foremost, PumaPay v3 will be a compelling proof of the value of full decentralization. As a true peer-to-peer solution, we will finally do what blockchain-based payment solutions should do: remove intermediaries and democratize payments.
Cryptography against credit card risk
PumaPay PullPayment Protocol is primarily aimed at high-risk retailers and offers a Visa and Mastercard-free solution for customers such as online entertainment companies that have serious chargeback issues – mostly customers who sign up for the monthly fee service by using it, and then cancel by informing your bank that they did not approve the transaction. Often the term “high risk” in the words “high risk sellers” refers to chargebacks.
Unchanging payments across the blockchain prevent this from happening, which is a game changer for merchants who prefer to rely on credit cards. They also do not have to actively demand monthly crypto payments from customers, thanks to the PullPayment protocol, which enables both sellers and buyers to implement a set-and-forget mindset.
More information from PUMAPAY here
Of course, PumaPay is not just aimed at high-risk sellers. But to tackle the tough challenges, the company uses it as a spearhead to help cryptocurrency payment solutions penetrate the wider world of online and offline commerce, where all sellers have to contend with high credit card fees and unfavorable policies.
PumaPay v3 will also give the merchant network the flexibility to accept many BSC-supported tokens, including stack coins, in addition to the ERC-20 based PMA token. Neither party wants to know which token the other is using, and no one even needs to know that the PMA is involved in the transaction at all. This will make it easier for customers to use cheaper coins. It will also ease traders’ worries about accepting payments in potentially volatile cryptocurrencies.
collection of resources
To this end, PumaPay has created liquidity pools that link PMA with other cryptocurrencies that PumaPay plans to support popular decentralized exchanges. With the existing network of merchants offering many transactions, PumaPay expects many trade-offs.
The first liquidity mass is the PMA-BNB pair on PancakeSwap DEX, and aims to increase liquidity by at least $ 2 million by 1 July. To make this easier, PumaPay offers 750 million PMA token rewards programs where early members are rewarded. multiples. Bitcoin (BTC) and Tether (USDT) stablecoin are next, with support targets for the third quarter.
In the new pools, PMA tokens are at the center of all transactions. In addition, a new bridge connecting Ethereum to Binance’s smart chain simplifies the transfer of the Ethereum ERC-20 PMA token and the new BSC ERC-677 PMA token. The aim is to ensure that the total supply of PMA tokens in both networks remains constant and equal to the final supply, and protects the position of the original Ethereum token holders, as they are already listed on several major exchanges.
PumaPay v3 will also offer compatibility with MetaMask and Binance wallets and plans to replace the rear end with a distributed network of artists by the end of the year. They will send transactions to the blockchain on behalf of sellers who pay a small commission.