Introduction
Blockchain technology has begun a tacit revolution in many areas such as health, travel, insurance, cars, etc. Whenever new technologies are introduced, or existing ones are modified, payment methods will also be upgraded. For example, once the internet was discovered, the concept of Net banking was introduced. The mobile banking application was developed when the 2G internet was introduced. Now, because blockchain re-creates existing technology, it changes the way you make payments. By using blockchain technology, it is possible to transform any system from existing centralized ways into decentralized systems that will enable P2P communications to eliminate the need for intermediaries or intermediaries. So, the costs involved in the transaction will be greatly reduced.
How does blockchain technology revolutionize payment systems? The company's Decentralized vision is to develop blockade-based technology called PumaPay which aims to provide flexible blockchain-based billing solutions for all types of businesses.
Open source - PumaPay is being developed as a free open source protocol that will help businesses and third-party providers to integrate existing systems or develop new payment solutions based on the PumaPay protocol.
Reduce risks - Because cryptocurrency transactions do not require personal information such as credit card information, bank accounts or birthdates, transactions are completely secure and eliminate the risk of fraudulent activity.
Reduce transaction costs - PumaPay aims to provide P2P (Peer-to-Peer) transactions between merchants and buyers. So there will be no intermediaries involved in transactions that will reduce the high transaction costs associated with credit card payments. Also, transactions will be processed quickly so that merchants will receive funds in one or two days.
Various payment options - Consumers need to make payments for various destinations within one day and the frequency of payments will also vary. For example, you will pay a fixed amount for your monthly subscription to the Internet while your monthly energy bill will vary based on usage. Sometimes you need to make a payment only once. So, PumaPay provides the various payment
Options provided below:
- Fixed amount of Repeat payment
- Fixed repeat payment time
- Pay-Per-use
- Single / Onetime Payment
- Money back guarantee
In addition to the ones listed above, it also offers two innovative payment options, namely Unlimited payments and Shared payments. Restricted payments will be useful for parents who want to monitor and control their child's spending habits by connecting their wallets with them. They can set predefined criteria for transactions and payments will be processed only if the criteria are met. For example, if you do not want your child to spend money on chocolate, you can set it as a limiter. In a shared payment, you can split the money in two or more parts and send it all in one transaction.
Because PumaPay is an open source protocol, any business can integrate their existing payment system or develop new payment solutions over the protocol. The only thing you need to access the platform is a PumaPay (PMA) token. This token will be available for sale during the token sales event.
Please visit the following links to learn more information about the platform:
Author: Koeskoesnadi
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