The primary mode of payment online today is through credit or debit cards. Banks today cannot survive if they do not offer this option. Plastic cards offer users and account holders the ease of using their money, without physically withdrawing cash from banks. A simple process, users can pay for nearly unlimited types of services and products with ease.
However, there are major drawbacks in the current card payment systems:
- Outdated Technology: The cards were designed in the 1950s to be used offline, the security being the signature of the user on the receipt.
- Oligopolistic Market: Since banks can only issue cards, they hay created a grouped monopoly, charging whatever fee they like.
- High Commissions: Banks and card issuing authorities rely on earnings from their services, and charge a hefty amount for use of cards (from users and business owners, where users swipe their cards
- Risks And Frauds: Even with the addition of technology to cards and its system, the whole structure is still vulnerable to fraud such as phishing and sharing of data between malicious parties.
The Modern Vision: PumaPay
PumaPay is a crypto services company that believes it has the right vision on how all the drawbacks of the current credit and debit card systems can be eliminated. With it, cards will be a thing of the past. The company realized that cryptocurrencies have all the right mix of characteristics and services that are set to take over the current card payment system. Yet, these digital monies and systems lack one crucial aspect for these being adopted as the go-to service: Pull payment. Users have to currently push crypto money from their account to another. Credit and debit card payment systems work the other way round where merchants pull money from users to their accounts. PumaPay has developed a pull payment protocol within its ecosystem to cover this.
The decentralized payment service provider offers the following services:
- Simple plugin for various billing solutions for merchants.
- Elimination of risks and fraud.
- No intermediary charges.
- Modern Security
The services will use their Puma Token (PMA) for monetization. Private sales have recently been completed in the first week of May, 2018 and SDKs for basic integration of the pull protocol for merchants is in development. The main event will be announced later, along with the pricing structure of the token during that sale.
Visit the PumaPay website for more information: https://pumapay.io/