PumaPay provides an open source “free-of-charge blockchain-based protocol” that decentralizes the transaction process. The protocol allows users to process transactions using familiar billing methodologies and combines traditional methods (ie credit cards) and blockchain-based solutions. PumaPay says that over 75 companies are already using their service.
Yoav Dror, CEO of PumaPay, says they are always looking to make their solution more valuable for both merchants and consumers.
“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.”
With V 2.0, PumaPay’s payments solution is said to bring recurring payments on the Ethereum network. This version aims to be the proof of concept of the PullPayment Smart Contract.
According to PumaPay, the V 2.0 solution includes:
- Subscriptions – offers time-based fixed-amount recurring billing (monthly, biweekly, weekly, etc.), where the number of billing cycles, as well as their frequency, are determined by the merchant.
- Free Trial Subscriptions – provides a delayed subscription where the payment cycle starts only after a predetermined free-trial period. For example, a one-week free trial followed by a monthly subscription.
- A 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.
- A single Pull Transaction – gives the option to execute a one-time PullPayment, suitable for most everyday purchases.
By implementing the PumaPay PullPayment Protocol, merchants can bill their customers in crypto. The company says that merchants will be able to reduce costs on “exacerbated card transaction fees,” as well as avoid chargebacks and any associated fines, since they are only paying blockchain gas fees that are significantly lower, and all transactions on the blockchain are immutable.
Additionally, it creates an immediate transaction settlement, eliminating any waiting period for merchants for funds to arrive.
PumaPay has designed APIs with built-in HTTP features to help merchants create a payment solution for their customers. The crypto wallet is available in both iOS and Android iterations.
PumaPay says it is gearing up to launch their merchant portal as a one-stop-shop for merchants to register, set up their billing scenarios and pricing models, and to start billing in crypto.
The next version of PumaPay (3.0) is expected at some point in 2019.