Decentralized Vision, the blockchain company that developed PumaPay PullPayment Protocol, announces that version 2.0 of the PullPayment Protocol solution is on Mainnet, enabling seamless cryptocurrency transactions between merchants and customers with advanced billing options.
With version 2.0, PumaPay’s payments solution brings recurring payments on the Ethereum network, allowing merchants to implement ultimate blockchain-based transactions. This version aims to be the proof of concept of the PullPayment Smart Contract, which will eventually enable the full functionality of the PumaPay solution.
PumaPay’s PullPayment Solution Version 2.0 key characteristics include:
- Convenient Subscription – offers time-based fixed-amount recurring billing (monthly, biweekly, weekly, etc.), where the number of billing cycles, as well as their frequency, are determined by the merchant.
- Free Trial Subscription – provides a delayed subscription where the payment cycle starts only after a predetermined free-trial period. For example, a one-week free trial followed by a monthly subscription.
- Single Payment with Subscription – allows customers to pay an initial charge for a certain period, followed by a subscription. For example, $3 for the first week, followed by a $24 monthly subscription.
- Single Pull Transaction – gives the option to execute a one-time PullPayment, suitable for most everyday purchases.
By implementing the PumaPay PullPayment Protocol, merchants have the opportunity to easily bill their customers in cryptocurrency with the flexibility, which was only previously possible with credit card payments. Merchants will be able to reduce costs on exacerbated card transaction fees, as well as avoid chargebacks and any associated fines, since they are only paying blockchain gas fees that are significantly lower, and all transactions on the blockchain are immutable. Also, there’s an immediate transaction settlement, eliminating any waiting period for merchants for funds to arrive and negative impact on cash flow.
With PumaPay’s PullPayment solution, users will enjoy the ease of cryptocurrency payments, without having to pay any transaction fees, all while protecting customer anonymity. Users also have complete transaction control, as the PumaPay cryptocurrency wallet supports these new billing models, and gives users direct access to their subscriptions to make any changes free of charge and without third party involvement. For example, users can cancel their subscription themselves directly from the wallet and don’t have to rely on merchants.
To ensure top functionality and convenience for both the merchant and customer, PumaPay carefully designed APIs with built-in HTTP features to help merchants create the best possible payment solution for their customers, while the SDK tool set allows flexible use of the PumaPay solution with any type of merchant platform. The solution also provides documentation including all implementation guidelines, use cases, general instructions, Wiki and more available on Github. PumaPay cryptocurrency wallet is available for both Android and iOS to support recurring payments in PMA tokens and allow users to send, receive and store PMA, ETH and any ERC20 tokens from their devices. The PMA token is already available on numerous reputable cryptocurrency exchanges, including Bittrex, UpBit, HitBTC, CoinBene, and more.
Additionally, PumaPay is gearing up to launch the company’s merchant portal, an intuitive user-friendly interface, one-stop-shop for merchants to register, set up their billing scenarios and pricing models, and start conveniently billing in PMA. The more advanced release of the PumaPay solution will be for Version 3, expected in 2019 on the next-generation blockchain, and will include new features such as, wallet limiters, additional billing scenarios, and more.
“We’re always looking to improve and develop our solution to make it more valuable for both merchants and customers, and contribute to our community and the decentralized movement,” says Yoav Dror, CEO of PumaPay. “With over 75 Early Adopters already committed to implementing the PullPayment Protocol, from online entertainment companies to fintech companies, we expect more to onboard our solution, and believe that our latest version gives the additional layer of convenience merchants are looking for.”
PumaPay offers an open source free-of-charge blockchain-based protocol that decentralizes a whole layer of transaction processing services. The comprehensive and flexible protocol allows adaptors to process transactions using nearly all the familiar billing methodologies and combines the best of traditional methods (credit cards) and blockchain-based solutions. The network of PumaPay early adopters already exceeds 75 companies from different lines of industry, from financial technology to lifestyle brands, and more. Among PumaPay’s early adopters are reputable names, such as Wix, Pornhub, Fashion TV, Rent24, ExposeBox, IronFX, and Big psp .