One of the major issues faced in building cryptocurrencies acceptance in mainstream, day-to-day payment is the secure nature of blockchain only. All the decentralized tokens and coins are developed by keeping in mind the security as number one priority. From this, we can say that unless and until a wallet holder starts a payment, a transfer will not happen.
This simply means that the service provider can't perform automatic, recurring payments like monthly fee or subscriptions. Each and every time, payment is possible when the sender initiates the transaction manually. Thus, services which follow monthly payments, crypto is not an option. For example, Netflix.
What is PumaPay's Payment Protocol?
PumaPay is mainly a decentralized payment system for merchants. It is focused to provide users the ability to perform day-to-day payments with flexibility over blockchain. To acquire this, the platform has developed its PullPayment Protocol which works almost similar to a credit or debit card payment. Thus service users like subscribing to a magazine or a monthly premium access can utilize the Pull Protocol to allow usual crypto payments to the service provider, without any requirement of performing transactions manually.
The PullPayment service will be helpful to both the parties. The provider is guaranteed that the payments will be directly transferred to their wallets on the mentioned time. The service provider is then protected from any of delays or fraud. The user will also be able to enjoy services regularly.
The suggestions of the protocol are not clear. For monthly subscription or pay per view or pay per time, all the things should be designed as per the requirement of the industry. Lastly, the protocol consists of a unique smart contract which enables reverse billing methodology which enables merchants to take funds from the user's wallets.
Wix has made a partnership with PumaPay
Wix is mainly a platform for small business and individuals who want to design and deploy their website in a very short interval of time. Users can select any template from the wide number of designs and add their logo, pictures, etc. Wix has incorporated various payment methods for the ease of the users in accepting money. However, crypto payments are still not available as a payment option.
Recently, Wix has made a partnership with Decentralized vision, the company which developed PumaPay. Wix has opted to add PumaPay's Payment Protocol as a blockchain payment method, as one of the billing payments for Wix, this will allow merchants to receive payments monthly via their Wix websites.
PumaPay and its payment protocol has gained attraction of a wide number of users and has acquired $117 Million for its project this year. The partnership with Wix is another achievement after the PumaPay has been listed on HitBTC.
Due to this partnership, Wix users will be able to incorporate the amazing service to their payment options and obtain crypto payments from users without any case of fraud and delay. This partnership has opened the door for PumaPay users as well as millions of Wix users, which in turn has opened the payment options for the majority of the crypto sector.
Yoav Dror, who is the CEO of PumaPay stated, “Wix and PumaPay share the vision of providing merchants with the best online business experience, while Wix enables small businesses to easily integrate payment methods to their businesses online, PumaPay offers the potential for them to accept payments in cryptocurrencies hassle-free, avoiding the pains of traditional payment solutions, such as transaction fees, chargebacks and associated fines, and long transaction consolidation timelines. We’re excited about the potential of this collaboration.”
While, Head of Payments at Wix, Eric Benayoun stated, “We welcome the opportunity to add a new payment option. We continually strive to offer our users a new and alternative means to reach additional customers and enhance the buying experience. We believe our collaboration with PumaPay will help us provide an additional layer of payment options to benefit both our users and their customers.”
