Blockchain technology has started a silent revolution in many fields like health, travel, insurance, automobile, etc. Whenever a new technology is introduced, or the existing one is modified, payment methods will also get upgraded. For example, after the internet was invented, the concept of Net banking was introduced. Mobile banking apps were developed when 2G internet was introduced. Now, as blockchain is reinventing the existing technologies, it is changing the way how you are making the payments. Using blockchain technology, it is possible to change any system from the existing centralized way to a decentralized system which will enable the P2P communication eliminating the need for middlemen or intermediary. So, the cost involved in the transaction will be greatly reduced.
How can the blockchain technology revolutionize the payments system? The company Decentralized vision is developing a blockchain based technology named PumaPay which aims to provide a flexible blockchain based billing solution for any type of business. What are the main features of PumaPay? Check out the points below.
Open source – PumaPay is being developed as a free open source protocol which will help the businesses and third party providers to integrate their existing systems or develop new payment solutions based on the PumaPay protocol.
Reduces risks – As cryptocurrency transactions do not need any kind of personal information like credit card information, bank account or date of birth, the transactions are completely secure and eliminates the risk of fraudulent activity.
Reduces transaction fees – PumaPay aims to provide P2P (Peer-to-Peer) transactions between the merchant and the buyer. So there will not be any middleman involved in the transaction which will reduce the high transaction fee associated with the credit card payments. Also, the transaction will be processed quickly so that the merchants will receive the funds within a day or two.
Multiple payment options – A consumer will need to make payments for various purposes in a day and the frequency of payments will also vary. For example, you will be paying a fixed amount for your monthly subscription to Internet whereas your monthly energy bills will vary based on the usage. Sometimes you need to make payment for only once. So, PumaPay provides the various payment options which are given below:
- Fixed amount Recurring payments
- Fixed time Recurring payments
- Pay-Per-use
- Single/Onetime payment
- Money back guarantee
In addition to the ones listed above, it also offers two innovative payment options namely Restricted payment and Shared payment. Restricted payments will be beneficial for parents who would like to monitor and control their kid's spending habits by linking their wallets to them. They can set pre-defined criteria for a transaction and the payment will be processed only if the criteria are met. For example, if you don’t want your kid to spend money for buying chocolates, you can set that as a limiter. In shared payment, you can divide the money equally into two or more parts and send them to all at once in a single transaction. Sounds Interesting?
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