PumaPay, an “Ethereum-based recurring payment solution,” has revealed via a press release that version 2.0 of its PullPayment Protocol is now live on its mainnet. This updated system allows for “seamless cryptocurrency transactions between merchants and customers with advanced billing options.”
PullPayment is a “never-before-seen way to validate transactions on a blockchain.” Unhashed previously covered the first iteration of this technology, in which the CEO of PumaPay, Yoav Dror, described the technology:
“PumaPay’s technological solution, the PullPayment protocol, reverses the mechanics of a transaction, enabling merchants to ‘pull’ crypto funds from their customers’ account. With PumaPay, merchants avoid the drawbacks of the current banking systems, such as high transaction costs, the insecurity of chargebacks (reverse transactions) and associated fines, and the lack of customer anonymity.”
Laying The Foundation
However, version 2.0 isn’t the final vision for PumaPay’s new solution. Instead, this system will serve as a “proof of concept” of the “PullPayment Smart Contract,” which will eventually lead into a full form of PumaPay’s system.
That said, this upgrade is still significant. Some highlights include:
- Convenient Subscription – offers time-based fixed-amount recurring billing (monthly, biweekly, weekly, etc.,) in which the number of billing cycles, as well as their frequency, are determined by the merchant.
- Free-Trial Subscription – provides a delayed subscription in which the payment cycle starts only after a predetermined free-trial period. For example, a one-week free trial followed by a monthly subscription.
- Single Payment with Subscription – allows customers to pay an initial charge for a certain period, followed by a subscription. For example, $3 for the first week, followed by a $24 monthly subscription.
- Single Pull Transaction – gives the option to execute a one-time PullPayment, suitable for most everyday purchases.
This new protocol will provide merchants with the ability to charge customers via cryptocurrency, but with the versatility only credit card payments could hitherto provide. Now, merchants can lower transaction fees while avoiding chargebacks and fines thanks to the immutability of blockchain technology.
From a customer standpoint, the PullPayment solution means users won’t have to pay any transaction fees, while also remaining anonymous. Customers will have “complete transaction control,” as the upgraded PumaPay wallet enables fee-free subscription changes without the need for a third party.
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PumaPay: A Distinctive Offering
These features are thanks to PumaPay’s unique APIs, alongside an SDK tool that ensures compatibility with any merchant platform. All tools come with proper documentation as well, providing assistance for implementation, use cases, and more. The PumaPay wallet is available on Android and iOS and supports any ERC-20 token.
Finally, PumaPay is looking to launch a user-friendly “merchant portal” for its customers. The portal will enable merchants to manage pricing models, billing, and more from within one system. This feature is a primer for next year’s Version 3, which will be on a “next-generation blockchain” and bring with it “wallet limiters” and “additional billing scenarios” among other services.
Dror commented on the update:
“We’re always looking to improve and develop our solution to make it more valuable for both merchants and customers, and contribute to our community and the decentralized movement. With over 75 Early Adopters already committed to implementing the PullPayment Protocol, from online entertainment companies to fintech companies, we expect more to onboard our solution, and believe that our latest version gives the additional layer of convenience merchants are looking for.”
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