As a payment solution that has been widely used by people around the world, payment cards still remain as the top choice because almost all banks provide it, although users are charged fees for each month. As we know that the mechanism of payment cards is inefficient because it is a form of ecosystem from several parties who establish mutually beneficial cooperation. Every transaction performed by the user will go through several stages of a complicated process that must work instantly in seconds. In return, users are required to pay staggered fees that are categorized into three types of fees: transactional fees, flat fees, and incidental fees. If each transaction collects fees as much as $ 3, then you can calculate how much you have to spend to process all the transactions your customers do each month. These costs do not include indirect costs such as monthly fees, account maintenance fees, incidental fees, etc. If calculated in detail, all these costs will be very burdensome the merchants that will reduce the amount of profit they get.
Other problems for merchants
In addition to the above problem, merchants are also faced with various types of scams that are eyeing their money. Although some card owners like Visa are already using anti-fraud action features designed to make card reproductions extremely difficult, even including using holograms and security characters embossed on the cards, merchants still cannot avoid a number of problems, one of them is CNP fraud which resulted in huge losses for online merchants. Another common risk faced by the seller is the chargeback, the condition when the cardholder filed a refund due to transaction problem. Chargeback will disadvantageous merchants because they are at risk of obtaining fines from card network owners such as ISA, MasterCard, etc. because they set a certain standard for the chargeback ratio. This is the most important reason why PumaPay is established. PumaPay is expected to be a savior for merchants by offering various benefits like payment card without taking on additional costs, risks, and even related hurdles.
The vision of PumaPay
By using Blockchain technology that has the flexibility and scalability of payment cards through a decentralized platform, PumaPay will be a facilitator on every transaction performed by customers with merchants. Transactions in PumaPay do not need to go through bank intermediaries, thereby saving huge amounts for both merchants and customers, which can then improve overall efficiency and reduce risk. In the end the use of cryptocurrency for daily transactions will continue to increase.
About PullPayment Protocol
Transaction activities in PumaPay will be run by PullPayment Protocol, a core protocol with PullPayment's unique intelligent contract architecture to reverse the general cryptocurrency transaction mechanism with the terms specified by both the seller and the buyer. The innovative architecture of the PullPayment Protocol can open the door to all universal payment mechanisms commonly used in everyday life, both online and offline. Remarkably, PullPayment Protocol will provide facilities for
Further Information :
Website : https://pumapay.io/
ANN Bitcointalk : https://bitcointalk.org/index.php?topic=2658299.0
Telegram : https://t.me/PumaPay
Facebook : https://www.facebook.com/PumaPay/
Twitter : https://twitter.com/PumaPay
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