The cryptocurrency industry has proven to be resilient through bear markets, hacks, regulatory pressure, and countless scams. Despite the setbacks, the steps towards mass adoption are currently happening as companies release products that facilitate usage and educate the public on how to benefit from cryptocurrencies.
While some use cases, such as decentralized applications, face challenges, others have flourished. For example, custody solutions, payments, exchanges, and institutional grade products have seen an increase in both acceptance and usage.
Arguably the most sensible use case, cryptocurrencies are now being used as a substitute for fiat to buy simple everyday items like coffee, but also larger purchases. Retailers have also expressed interest in exploring crypto solutions. Just recently Overstock.com announced it would be accepting cryptopayments.
At the center of the cryptopayment discussion is a company called PumaPay. PumaPay is a comprehensive cryptopayment solution for businesses and was the first company to offer a blockchain-based recurring payment system. The company is soon releasing its payment solution during an Asia road tour in mid-September. With over 100 major partners signed up, PumaPay combines the flexibility and ease of use of credit cards with the advantages of the blockchain.
The company’s PullPayment Protocol inverses the mechanics of a transaction and allows merchants to “pull” funds from customers wallets, based on pre-approved terms. This allows the creation of billing mechanisms that are very common in our daily lives but were not possible on the blockchain before such as recurring payments, top-up, direct debit and many more.
Early Traction With Partners and Product Development
PumaPay has already developed five different Advanced Billing Models and is working on more. Their PullPayment Protocol was built to be very flexible and applicable to any type of business while helping companies define their billing models. One interesting aspect is that the protocol will adapt to a business’s business-logic and not the other way around.
PumaPay has also developed its own cryptocurrency mobile wallet app, a payment gateway called Business Console and the marketing hub, PumaPay Pride. Combined, the suite of products offer a payment solution that is robust, scalable, and secure. Companies can avoid using a middlemen and any associated fees by simply integrating PumaPay’s Business Console and APIs. Additionally, chargebacks are eliminated due to the transactions being secured on the Ethereum blockchain.
To date, PumaPay has secured over 100 pilot partners, including brand named companies such as Wix.com, FashionTV, DeStream, Mining Hardware, Mixrent, Ubex, IronFX Group, AIRSOFT, ForexValley Technologies, IronFX, Pornhub, ImLive, Nubiles, and more.
How PumaPay Will Help Push Mainstream Adoption
When thinking about mainstream adoption, several things are required to happen. Both consumers and retailers need to be educated on cryptocurrencies, assuming they have not used them in the past. The one caveat to this is developing intuitive products that are self-explanatory, easy to use, and are compliant with financial standards and regulations.
In the case of PumaPay, their products were developed with this in mind, including simple integration features for retailers and consumers. The company also thought about the security and regulatory aspects involved when using cryptocurrencies.
To address this, PumaPay developed a Fiat Settlement Layer that enables fiat settlement directly to the business bank account without the perceived hassles of conversion and volatility. This settlement process happens nearly instantly, as the only waiting period is the time it takes for the transaction to record on the blockchain.
What is Next for PumaPay?
PumaPay already has over 100 brands committed. Some are already live and the rest are in various stages of onboarding. They will be expanding their ecosystem to include more and more businesses, providing crypto-holders with real utility for their cryptos. The ultimate goal is to be considered a key player in the payment space alongside Visa, Mastercard and PayPal. PumaPay has the potential and the ambition to lead this revolution in the payment space.
You can catch the team at Decentralized 2019 in Athens on October 30 through November 1 and understand more with CEO, Yoav Dror, here.