We are excited to bring Transform 2022 back in-person July 19 and virtually July 20 - 28. Join AI and data leaders for insightful talks and exciting networking opportunities. Register today!
The cryptocurrency payments industry is not all about Bitcoin and Ethereum.
Earlier this year, Cyprus-based blockchain company Decentralized Vision ended the private sale of its PumaPay project after raising $117 million, instantly becoming the seventh-biggest ICO ever, according to CryptoCompare.
Today PumaPay has announced that website creation and hosting platform Wix has chosen to add PumaPay’s PullPayment Protocol as one of its billing methods, which could enable its merchants to accept payments in PumaPay’s PMA tokens via their Wix websites.
Wix offers a platform for building and managing websites that lets users create a presence on the internet without having to learn how to code. The point-and-click system has become popular, with over 110 million users creating websites since the company’s founding in 2006.
PumaPay’s PullPayment protocol provides cryptocurrency payments in day-to-day transactions and avoids many of the issues plaguing other cryptocurrencies — namely, slow speeds and transaction fees. PumaPay touts the speed of its transactions, as well as a low fee structure.
So is it easy for Wix users to add PumaPay as an option for Wix-powered websites?
“All components of the PumaPay solution are being developed with our clients’ convenience in mind,” PumaPay CEO Yoav Dror told me. “We strive to make the integration process as smooth and easy as possible. PumaPay’s SDK and API are easy to integrate and very flexible, allowing the adopters to tailor the billing solution according to their unique needs.”
PumaPay, when fully developed, will enable multiple payment options. In addition to traditional one-time transactions, it will offer recurring payments of variable or fixed amounts, pay-per-use, restricted transactions, and split payments.
It isn’t yet clear how many of Wix’s users will take advantage of the new payment option, but PumaPay is gearing up to ensure it can handle the potential volume of transactions.
“We cannot provide any estimations with regards to the volume from Wix sites,” Dror said. “We believe that such integration will create significant volume and are working hard to ensure the best possible efficiency of the PumaPay solution for all of our early adopters and their clients.”
So what’s next for PumaPay?
“Our immediate goal is finalizing the development of the PullPayment solution,” Dror said. “We will be releasing version 2 in the coming months, and it will include recurring payments on the Ethereum network, along with the revamped and upgraded version of the PumaPay cryptocurrency wallet. The final version of the Protocol is scheduled for release in Q1 2019 and will feature the wide spectrum of billing scenarios based on PullPayments.”
In addition to new product features, today’s announcement marks the continuation of PumaPay’s network of partners. The coin has already become somewhat of an adult entertainment darling, powering transactions for Vivid Entertainment, ImLive, AEBN, and others. Businesses from other industries using PumaPay include Fashion TV, CCBill, Rent24, Backpack.io, and ExposeBox.
“Besides technical development, we are actively growing the PumaPay ecosystem, bringing in more and more companies who will implement our billing solution,” Dror said. “Currently, we have over 60 businesses who have committed to implementing the PullPayment protocol, with the annual combined processing volume being billions of USD. We are proud to have the support of prominent representatives of various industries, with Wix being among them. We aim to have over 250 early adopters by the time our solution is finalized early next year. From there onward, we’ll be growing the ecosystem even further, popularizing the PumaPay solution to the point [that] it becomes one of the [widely] recognized payment methods online and offline.”
VentureBeat's mission is to be a digital town square for technical decision-makers to gain knowledge about transformative enterprise technology and transact. Learn more about membership.