These days, net banking, credit cards, debit cards or mobile wallets are the popular methods used by the users for online/offline payments. Good! But, Do these payment methods offer any kind of flexibility/customization to the users? Let’s assume that you have a 14-year old minor boy who has a debit card or bank account for which you are the legal guardian. He places order himself for the items he needs on online retailers like Amazon. Fine. Is it possible for you or put restrictions on the card usage? For example, you don’t want him to spend more than 100 USD per month. Can you find a solution so that the transaction is declined if it meets some criteria? No. It is not possible with the existing system of payments.
Let me tell you another scenario. You ate nice food with two of your friends at a popular restaurant and you need to send an equal amount of money to both. How will you do that? You will send the money using two different transactions. How about a payment system that provides an option to share the money with more than one recipient in a single transaction? Sounds Interesting? That’s exactly how PumaPay works. PumaPay is a free and comprehensive billing protocol for cryptocurrencies that aims to provide so many flexible payment options for the users which are given below:
- Pay-per-use – A typical example is the pay-per-minute plans in prepaid mobile connections where the payment amount is not known at the beginning of the transaction.
- Fixed amount recurring payments – You can schedule the payments for any recurring subscription like magazines, club membership etc which costs a fixed amount every month.
- Fixed time recurring payments – You can set standing instructions for recurring payments at regular intervals of time.
- Variable recurring payments – In this type of payment, you can fix the amount but the duration is variable.
- Delayed single payments – You can set instructions for a payment to be executed later.
- One-time payments – This option is the frequently used one to complete online or offline purchases.
- Shared payments – You can make the payments to two or more recipients in a single transaction with complete privacy between the recipients.
- Restricted payments – This option is useful for parents to place restrictions on the wallet of their kids.
- Money back guarantee – This type of payment will help the users to get the refund of their money for canceled or incomplete transactions.
Pumapay is an open source protocol based on blockchain technology. So, it provides the option for third-party providers or businesses to create their own applications or solutions based on the PumaPay protocol. How will you get access to the PumaPay protocol? Simple. If anyone wants to use the protocol, they need to hold PMA tokens. PMA token is a special type of utility token based on the Ethereum standard ERC20. It is the only available option to access the protocol and will be sold during the initial token sale of the company. Also, the company is planning to develop two versions of PumaPay wallet, one for chrome extension and another for mobile phones. (iOS/Android). To learn more information about the PumaPay protocol and the token sale, please visit http://pumapay.io/.