Digital payments are getting increased demand by people across the world. The industry is expected to be valued at over $720 billion by next year, underscoring a desire for people to go cashless and make payments via a seamless online interface instead.
However, digital payments themselves have subsets, and traditional payment portals have become pretty much stale as well. SWIFT remains the global standard for cross border payments, and the Belgian payment standard has had its fair share of criticism so far.
Amongst other things, issues with speed, country restrictions, and high fees have sent its stock trading downwards amongst those who make day-to-day, cross-border payments.
This is where cryptocurrency payments come in, and so far, one company- PumaPay- seems to be championing the course. PumaPay has been working on a solution for day to day blockchain payments for over two years, and the company has now announced the launch of the PumaPay Comprehensive Payment Solution, a product that could help merge cryptocurrencies and digital payments.
In an interview with news medium Forbes, PumaPay chief executive Yoav Dror spoke on a wide array of topics, including the state of the industry and how the company is looking to bring a revolution to payments.
On its new product, Dror revealed that PumaPay is entering into both online and offline payment spaces, thus providing a solution for everyday payments. He added that their efforts to disrupt the payments space includes a native crypto asset, a wallet app, and a payment gateway for merchants.
“Accepting crypto payments has never been easier. We revolutionize payments by providing a faster, more efficient and inexpensive alternative to credit cards to empower your digital customer,” he said.
On the products core advantages, Dror pointed out that the Comprehensive payment Solution is fast and flexible, as well as both transparent and cost-efficient. He added that the product is also able to adapt to any business logic, so any business can make use of it to achieve payment flexibility.
He concluded, “Transactions over our protocol are free, with the exception of a small gas fee payable to the Ethereum blockchain. These transactions are immutable, meaning chargebacks are a thing of the past. This process also eliminates middlemen and is direct between businesses and consumers.”
Dror also touched on the issue of crypto adoption, where he revealed that certain issues need to be solved before an acceptable level of adoption can be achieved. He pointed out the need for tools which are “intuitive, easy to use, that comply with financial standards, and, wherever possible, foresee future regulations.”
Financial compliance has been a bit of an issue with the crypto industry so far. Most of the proposed standards have required cryptocurrency exchanges and other asset custodians to track customer information, but many in the industry have pointed out that this could hamper the concept of decentralization and freedom that the crypto space is known for.
However, given the features and potential that PumaPay has to change the way cryptocurrencies are used to make payments, the company could usher in an era of increased cryptocurrency adoption.