Cryptocurrency Startup To Take On ‘Outdated’ Credit Cards Through Blockchain Payment Protocol
А company is building a Blockchain-based protocol to reform how everyday financial transactions are completed – with a warning that credit and debit cards are unfit for purpose in today’s “fast-paced, global economy.”
PumaPay claims its system has what it takes to propel cryptocurrencies into mainstream use and rethink how payments are processed. It is developing an open-source “PullPayment Protocol” which enables merchants to pull funds out of a customer’s account with their consent.
This would replace old-fashioned methods where a shopper pushes money to a retailer, with the cash going through a long line of intermediaries in a costly process that can take days to complete.