PumaPay V3.0 (Alpha) Is Now Ready on TestNet!
Place/Date: - May 20th, 2022 at 5:14 pm UTC · 3 min read
Introducing the next generation of their Crypto Payment Solution – PumaPay V3.0.
This major update is a redesign of the whole payment system. It is now more efficient, flexible, and adaptable with new features. Currently, in alpha, they continue to test and improve the system with the aim to deploy it on mainnet within the coming weeks.
PumaPay is the first DeFi payment protocol to facilitate subscription payments and other advanced billing models. PumaPay democratizes payments and provides a solution that is permissionless and frictionless.
What V3.0 Entails
- The entire protocol has migrated to the BNB chain (Binance Smart Chain) – This means higher transaction throughput, faster transaction confirmation, and reduced gas fees.
- The protocol is a Web3.0 application – Allowing both merchants and users to interact with the protocol through their browser via browser-based blockchain wallets such as MetaMask or the Binance wallet
- Support for multiple tokens – a major improvement of the protocol is the support of multiple tokens. Previously, users had to have a balance of PMA tokens available in their wallet, and merchants were required to accept the PMA token as the sole means of payment. V3.0 Introduces support for multiple tokens on the BNB chain. Moreover, the Protocol was redesigned such that merchants and users are agnostic to each other’s choice of currency while keeping the PMA as the sole means of value transfer over the PumaPay pull payment protocol.
- Integrated with AMM for automatic swaps – The multiple tokens support is achieved through integration with AMM (liquidity pools) for automatic swaps too and from the PMA token.
- Web-based wallet – PumaPay V3.0 is a web3 application meaning the entire interaction with the blockchain is done through the protocol via the use of supported wallets i.e. MetaMask. As such, the PumaPay mobile wallet app is no longer required for using the protocol and is planned to be discontinued.
- Decentralization of the backend – they have migrated a lot of logic to an Executor Node (the service that is responsible for executing recurring payments); For the time being, they are operating the executor node with the aim in the future to allow other entities to run their own executor node as well.
- Ecommerce plugin (coming soon) – the first PumaPay plugin for WooCommerce is being finalized making crypto payments available for millions of WordPress business owners. We aim to introduce more plugins for other popular platforms as well.
PumaPay is the only blockchain payment protocol that supports subscriptions and other advanced billing models. V3.0 brings it up to speed with the most advanced developments in the blockchain field.
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