With all of the hype around blockchain and Bitcoin, a common question that most people can relate to is, “How can I actually use cryptocurrency in my everyday life?” For most, it is an investment in the technology, similar to stock, that is less likely to be transacted on a day-to-day basis. Except for PumaPay. PumaPay is the blockchain startup whose mission is to integrate crypto payments into daily life, and has secured a $117 million private token sale in doing so.
PumaPay’s PullPayment Protocol has an innovative approach to transactions, by reversing the process and enabling merchants to ‘pull’ crypto funds from their customers’ account. This ultimately allows merchants to avoid the drawbacks of the current banking systems, such as high transaction costs, the insecurity of chargebacks and associated fines, and the customer anonymity. Merchants are essentially billing in cryptocurrency. It is important to note that merchants are not limited to this practice, and still maintain the flexibility to run their businesses and process payments the way they always have; with credit cards.
PumaPay Protocol has also opened the door to payment practices that, up until now, have been impossible on the blockchain. These include recurring payments with fixed and variable amounts, pay-per-use transactions, restricted and split payments, and more.
This is a new step in merging cryptocurrency with e-commerce, online services and traditional merchants. PumaPay has already collaborated with many distinguished companies, most notably those in adult entertainment, a scene that is in need for a payment solution that will free it from a world ran by banking systems. In total, over 30 companies known for their strive for innovation, and new business ideas, have come on board with the project and have committed to implementing the PumaPay solution from inception, for example, CCBill, and platforms such as Rent24, Backpack.io and ExposeBox.
While this is all very impressive, an important factor to note is whether consumers will be open to accepting cryptocurrency into their daily lives. It is a major shift from what the world is used to, and whether it will be embraced, stands to be seen. For now, economies are headed in the digital direction, so at some point or another, people will have to follow suit.
Because of the promise and potential that PumaPay is providing, the company was able to raise a worth of over $117 million from private investors in support of its open source blockchain-based billing protocol. This demonstrates the contributors’ trust and significant support for the project, which has allowed PumaPay to raise such an impressive amount without conducting a crowdsale. PumaPay has successfully created a currency with real usability and multi-million dollar industry partners, who are helping to position the company as a strong candidate in becoming the preferred form of payment between merchants and consumers worldwide.