PumaPay plans to migrate from Ethereum to the Binance smart chain to bridge the two networks, allowing it to accept a broader range of tokens and cryptocurrencies for payments. PumaPay’s V3.0 will be the company’s first crypto payment solution.
This move will serve as a bridge between the two networks, allowing for a broader range of tokens and cryptocurrencies for payments. This will also create new liquidity pools via the use of automated swaps.
Ethereum, formerly regarded as the industry-leading blockchain development platform, has proven unscalable for many developers. The technology features a high gas price as well as a sluggish block processing rate. As a result, PumaPay’s service to its clients has become unsustainable on the Ethereum network.
The organization is changing to BSC to enhance its current protocols, which will result in greater services for its consumers.
Pull payment protocol
PumaPay employs a pull payment mechanism, which is opposed to the peer system of crypto payments transitioning from a push to a pull protocol. Pull Payment provides retailers with features that are exclusive to PumaPay. It is the only payment system on BSC that enables recurring billing, allowing retailers to charge for subscriptions.
Advantages to customers
Consumers may rest easy while dealing with PumaPay since this new platform on the Binance Smart Chain will provide a slew of new options to customers and users on the Binance Smart Chain, including quicker transaction times and lower had cost.
Under this category, merchants will be able to choose a settlement currency of their choosing for each billing model by utilizing PumaPay’s token (PMA) as a mediation coin. Customers, on the other side, will be able to subscribe using any of the BSC-supported tokens.
It will be simple to exchange PumaPay’s token for other cryptocurrencies thanks to liquidity pools. Thus, the exchange costs will benefit liquidity providers.
A more decentralized crypto payment environment will emerge as transaction processing obligations are correctly transferred to network executors. Retailers will compensate them. Merchants will have the ability to operate executor nodes. This will save costs and allow them to make money by processing other merchants’ transactions.
PumaPay V3.0 will contain bottom-up methods that will allow for more community engagement in project promotion via ambassadorship and referral possibilities.