Breaking News: PumaPay’s PullPayment Solution is on Mainnet!
After a month of testing and polishing the PullPayments and Recurring Payments’ smart contracts, we have taken Version 2 of our solution to the Mainnet. Launched on Testnet at the end of September, Version 2 of the PumaPay solution has brought to life the PullPayment Protocol, namely the recurring payments, running on the Ethereum network. Today, on October 31, it has been switched to the Mainnet, in accordance with our Roadmap.
What Does it Mean?
Version 2 aims to be the proof of concept of our revolutionary PullPayment Smart Contract, which will eventually enable the full functionality of the PumaPay solution.
With today’s update, merchants can implement the PullPayment Solution for their businesses. The wait is over: they can start billing their customers in cryptocurrencies with the flexibility that was previously only possible with credit card payments.
Although we have reached a significant milestone with this release, we are aware that our solution is not perfect yet. We are committed to updating and improving it to perfection.
Billing Models and Use Cases
Version 2.0 supports four very common billing models:
– Subscription: 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. This is a popular online and offline subscription model, commonly used with content sites, media providers as well as offline settings such as gym subscriptions.
– Free Trial + Subscription: 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, popular with online learning platforms, SAAS services, and content sites from different sectors.
– Single Payment + Subscription: this model is based on an initial charge for a certain period, followed by the subscription mode. For example, $3 for the first week, followed by a monthly subscription of $24 per month. This model is popular with dating sites, content sites of various sectors, as well as SAAS providers.
– Single Pull Transaction: one-time PullPayment, suitable for most everyday purchases.
Why are PullPayments Good for Customers?
– No transaction fees: When using PullPayments, only the merchant is responsible for paying the transaction costs (gas fees paid in ETH), while the customer just pays for the product/service.
– Full control of transactions: The PumaPay Cryptocurrency Wallet app supports these new billing models and allows customers to control their subscriptions without having to rely on any 3rd party (Merchant, PSP, bank). They can cancel any subscription at any time with no charges and no questions asked, straight from the wallet.
– Protection of privacy: Like most blockchain-based payment solutions, PumaPay is well-suited for protecting customers’ anonymity.
Why are PullPayments Good for Merchants?
- Saving funds on card transaction fees – with PullPayments, merchants are only paying blockchain gas fees, which are significantly lower, compared to the card transaction fees, especially for online high-risk businesses.
- Immediate transaction settlement – no more waiting for the funds to arrive. With crypto payments, the funds reach merchants’ accounts immediately, so there isn’t any negative impact on cashflow, like with traditional payments.
- No chargebacks and associated fines – the transactions on blockchains are final and immutable. Merchants can forget about chargebacks, associated fines, and fraud.
The functionality of Version 2 Solution is ensured by the following PumaPay Components:
- SDK & API: PumaPay’s carefully designed APIs with built-in HTTP features facilitate integration with the PumaPay core server and help merchants create the best possible payment solution for their customers, while the SDK tool set allows flexible use of the PumaPay solution with any type of merchant platform. Click here for the Integration flow.
- Documentation: Implementation guidelines, use cases, general instructions, Wiki and more is available on Github.
- PumaPay Cryptocurrency Wallet: designed for both Android and iOS devices to support recurring payments in PMA. In its current version, it also allows users to send, receive and store PMA, ETH and any ERC20 tokens.
- Merchant Portal: an intuitive user-friendly interface, a one-stop-shop for merchants to register, set up their billing scenarios and pricing models, and start conveniently billing in PMA. We aim to launch the MVP of the Merchant Portal in the coming months.
Given the fact that the PumaPay solution is currently running on the Ethereum network, we expect companies which are not affected by the speed of transactions, to be among the first ones to integrate. Whether our first integrators are among 75+ PumaPay Early Adopters or not, they are welcome to start billing their customers in PMA. More information about the product can be found on the PumaPay website and in the Integration flow available here.
Furthermore, the PumaPay team is here to answer all questions you may have with regards to our payment solution, as well as the integration process. Simply email us at: [email protected]
PumaPay is excited to introduce this truly pioneering and comprehensive solution. We are looking into more developments, and how we can create even more value for the PumaPay community, as well as the blockchain and decentralization movement. Explore more at https://jp.pumapay.io.