Months After its $117 Million ICO, PumaPay's 'PullPayment' Protocol is Live
- The announcement comes after PumaPay was named in a list of ICO-backed companies with big losses.
PumaPay’s protocol provides a “free-of-charge” transaction platform that allows its users to “pull” rather than “push” cryptocurrency Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonly the basis of exchange involves fiat currency or legal tender, be it in the form of cash, credit or bank transfers, debit, or checks. While typically associated with cash transfers, payments can also be made in anything of perceived value, be it stock or bartering – though this is far more limited today than it has been in the past.The Largest Players in the Payments IndustryFor most individuals, the payments industry is dominated currently by card companies such as Visa or Mastercard, which facilitate the use of credit or debit expenditures. More recently, this industry has seen the rise of Peer-to-Peer (P2P) payments services, which have gained tremendous traction in Europe, the United States, and Asia, among other continents.One of the biggest parameters for payments is timing, which looms as a crucial element for execution. By this metric, consumer demand incentivizes technology that prioritizes the fastest payment execution.This can help explain the preference for debit and credit payments overtaking check or money orders, which in previous decades were much more commonly utilized. A multi-billion-dollar industry, the payments space has seen some of the most innovation and advances in recent years as companies look to push contactless technology with faster execution times. One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonly the basis of exchange involves fiat currency or legal tender, be it in the form of cash, credit or bank transfers, debit, or checks. While typically associated with cash transfers, payments can also be made in anything of perceived value, be it stock or bartering – though this is far more limited today than it has been in the past.The Largest Players in the Payments IndustryFor most individuals, the payments industry is dominated currently by card companies such as Visa or Mastercard, which facilitate the use of credit or debit expenditures. More recently, this industry has seen the rise of Peer-to-Peer (P2P) payments services, which have gained tremendous traction in Europe, the United States, and Asia, among other continents.One of the biggest parameters for payments is timing, which looms as a crucial element for execution. By this metric, consumer demand incentivizes technology that prioritizes the fastest payment execution.This can help explain the preference for debit and credit payments overtaking check or money orders, which in previous decades were much more commonly utilized. A multi-billion-dollar industry, the payments space has seen some of the most innovation and advances in recent years as companies look to push contactless technology with faster execution times. Read this Term. For example, PumaPay makes it possible for a subscription service to pull monthly payments from a cryptocurrency wallet.
#RecurringPayments Are Here! With V2.0 launched on Mainnet, merchants can now implement the #PullPayment Solution for their businesses!#PumaPay #crypto #pma #payments #blockchain #tech pic.twitter.com/tW38xRFPzP
— PumaPay (@PumaPay) November 1, 2018
PumaPay’s Protocol Supports “Pull” Payments
The protocol has been designed to accommodate a number of different payment models. In addition to regular monthly subscriptions, PumaPay can also support a “Free Trial + Subscription” model, in which a customer is only billed regularly after a using a service for fixed amount of time. Similarly, PumaPay’s “Single Payment + Subscription” option allows customers to make a unique initial payment followed by a set subscription of another amount (for example, a web service that costs $3 for the first month and $10 per month thereafter.) Single pull payments are also possible through PumaPay.
By PumaPay’s own reporting, more than 75 companies have already agreed to use the service. “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,” said PumaPay CEO Yoav Dror in an official statement.
A Positive Piece of News Amid Some Negative Press
The release of the 2.0 version of the PumaPay protocol on the mainnet is good news for the company. In September, PumaPay was named by Diar as the ICO-backed company with the second-largest overall loss in valuation since the completion of its ICO.
The announcement coincides with another piece of positive news for PumaPay. As of yesterday, the platform’s PMA tokens were officially listed on IronX, a Cyprus-based cryptocurrency exchange.
In an interview with Finance Magnates conducted earlier this year, Dror said that while most people may see blockchain as “something very dull, very grey,” that “[PumaPay] is pretty sexy.”
PumaPay’s protocol provides a “free-of-charge” transaction platform that allows its users to “pull” rather than “push” cryptocurrency Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonly the basis of exchange involves fiat currency or legal tender, be it in the form of cash, credit or bank transfers, debit, or checks. While typically associated with cash transfers, payments can also be made in anything of perceived value, be it stock or bartering – though this is far more limited today than it has been in the past.The Largest Players in the Payments IndustryFor most individuals, the payments industry is dominated currently by card companies such as Visa or Mastercard, which facilitate the use of credit or debit expenditures. More recently, this industry has seen the rise of Peer-to-Peer (P2P) payments services, which have gained tremendous traction in Europe, the United States, and Asia, among other continents.One of the biggest parameters for payments is timing, which looms as a crucial element for execution. By this metric, consumer demand incentivizes technology that prioritizes the fastest payment execution.This can help explain the preference for debit and credit payments overtaking check or money orders, which in previous decades were much more commonly utilized. A multi-billion-dollar industry, the payments space has seen some of the most innovation and advances in recent years as companies look to push contactless technology with faster execution times. One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonly the basis of exchange involves fiat currency or legal tender, be it in the form of cash, credit or bank transfers, debit, or checks. While typically associated with cash transfers, payments can also be made in anything of perceived value, be it stock or bartering – though this is far more limited today than it has been in the past.The Largest Players in the Payments IndustryFor most individuals, the payments industry is dominated currently by card companies such as Visa or Mastercard, which facilitate the use of credit or debit expenditures. More recently, this industry has seen the rise of Peer-to-Peer (P2P) payments services, which have gained tremendous traction in Europe, the United States, and Asia, among other continents.One of the biggest parameters for payments is timing, which looms as a crucial element for execution. By this metric, consumer demand incentivizes technology that prioritizes the fastest payment execution.This can help explain the preference for debit and credit payments overtaking check or money orders, which in previous decades were much more commonly utilized. A multi-billion-dollar industry, the payments space has seen some of the most innovation and advances in recent years as companies look to push contactless technology with faster execution times. Read this Term. For example, PumaPay makes it possible for a subscription service to pull monthly payments from a cryptocurrency wallet.
#RecurringPayments Are Here! With V2.0 launched on Mainnet, merchants can now implement the #PullPayment Solution for their businesses!#PumaPay #crypto #pma #payments #blockchain #tech pic.twitter.com/tW38xRFPzP
— PumaPay (@PumaPay) November 1, 2018
PumaPay’s Protocol Supports “Pull” Payments
The protocol has been designed to accommodate a number of different payment models. In addition to regular monthly subscriptions, PumaPay can also support a “Free Trial + Subscription” model, in which a customer is only billed regularly after a using a service for fixed amount of time. Similarly, PumaPay’s “Single Payment + Subscription” option allows customers to make a unique initial payment followed by a set subscription of another amount (for example, a web service that costs $3 for the first month and $10 per month thereafter.) Single pull payments are also possible through PumaPay.
By PumaPay’s own reporting, more than 75 companies have already agreed to use the service. “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,” said PumaPay CEO Yoav Dror in an official statement.
A Positive Piece of News Amid Some Negative Press
The release of the 2.0 version of the PumaPay protocol on the mainnet is good news for the company. In September, PumaPay was named by Diar as the ICO-backed company with the second-largest overall loss in valuation since the completion of its ICO.
The announcement coincides with another piece of positive news for PumaPay. As of yesterday, the platform’s PMA tokens were officially listed on IronX, a Cyprus-based cryptocurrency exchange.
In an interview with Finance Magnates conducted earlier this year, Dror said that while most people may see blockchain as “something very dull, very grey,” that “[PumaPay] is pretty sexy.”