It is an already known fact that some of the leading businesses like Microsoft, PayPal are accepting bitcoin payments. Recently, two private schools in New York City has started accepting bitcoin payments for their tuition fees. Small businesses like coffee shops or restaurants have also started accepting cryptocurrencies in few locations. So, the digital currencies have slowly started to capture the real-world market. Besides, the enormous growth in the value of bitcoins, many people are thinking of cryptocurrencies as an excellent alternative for credit/debit cards because of the following reasons listed below.
Low transaction fees - Small businesses are always getting affected the high transaction fees (up to 3%) if the payment type is credit/debit card. But, cryptocurrencies offer lower transaction fees of up to 1% which is more beneficial for the merchants.
Fast deposit – Generally, it may take at least 2 days to maximum 1 week for the merchants to receive money in their bank accounts while using credit/debit card as a payment option. Because it involves many intermediaries to process a credit card transaction. As cryptocurrency transactions are P2P (Peer-to-Peer) the merchants can receive the money very quickly.
Fraud protection – As there is no need to provide any kind of personal information for cryptocurrencies, the transactions are secure and the probability of fraudulent activity is very low.
Cross-border payments – When a small business wants to expand their operations across the globe, the main hindrance is the currency exchange and transaction fees. But you can completely get rid of this issue by using cryptocurrencies as their values are independent of your geographic location.
Something missing? Right. To use cryptocurrencies for our daily payments, what we need is a payment gateway or platform which supports different types of crypto payments. That is exactly the objective behind the development of free blockchain based protocol named PumaPay. PumaPay aims to make crypto billing easily accessible to every business by using the concept of PullContracts.
As PumaPay is an open source protocol, the businesses can easily integrate their existing payment solutions to the platform. Also, the third-party developers can build their own payment applications on top of the PumaPay protocol. What kind of benefits does PumaPay provide to the consumers? The consumers need to make different types of payments like paying the monthly subscription of a magazine, buying the weekly groceries or dining at a restaurant. Some of the payments may be one time while others may be recurring. PumaPay offers a variety of payment options to the consumers which are given below:
- Recurring payments (Fixed time & Fixed amount)
- Shared payments
- Restricted payments
- One-time & Pay-per-use payments
So, the consumers can choose the appropriate payment type based on their needs. How to access the features of the PumaPay platform? Obviously, it is not available for free of cost. If someone needs to access the platform, they need to hold the PumaPay tokens (PMA) which will be available for sale during the token sale event of the company.
Check out the following to learn more information about the protocol and the token sale event:
Website
ANN Thread
Bounty Thread
Telegram group