PyaPay’s open-source Pull Payment protocol is a blockchain technology powered solution that offers robust payment mechanisms for more credible, efficient, cost-effective, flexible and scalable transactions as compared to the traditional methods like Credit Cards. Through the Pre-sale, the users can purchase the PYP token at a price of 1 ETH= 5000 PYP. PyaPay also launched a Bounty program to reward their users with PYP tokens. An article about the same was covered by Telegraph.
PyaPay is possibly a revolutionary new payment system that enables the merchants to plug-in various billing solutions to allow the acceptance of cryptocurrencies directly thus, replacing credit card companies and other billing processors. It offers the users a comprehensive and flexible billing solution with common features like recurring, pay-per-use etc. Unlike other conventional methods of payments, there is no risk of fraud, chargebacks, and fines. Being based on a decentralized blockchain platform, this method also proves to be cost-effective as it saves the fees charged by the middlemen, generally ranging from 3% to 15%.
PyaPay has realized the potential of blockchain technology to resolve the everyday problems faced by the users doing transactions through traditional payment systems like credit cards. Now that a wide range of services is adopting the blockchain technology and supporting decentralization, PyaPay also aims to stay at par with the changing economy and present a brand-new payment system which offers all the advantages of the blockchain. It is here to decentralize the billing layer and save intermediary cost for the merchants, increase the use of cryptocurrency both online and offline to facilitate it as a standard means of payment.
Through its Pull Payment Protocol, PyaPay takes the common cryptocurrency operations to the next level. While cryptocurrencies were designed to allow only one type of transaction that is sending money from side A to side B, also known as ‘push’, the PyaPay’s pull protocol enables a ‘pull’ action on the blockchain, allowing side B to connect to side A’s address via a Pull Contract and ‘pull’ funds into side B account. This is subject to predefined terms and prior acceptance of the transaction by side A.
The Pull protocol will open doors for a variety of payment transactions which were relying only on a ‘push action, such as direct debit, subscription fees, pay-per-use etc.It also gives the merchants the freedom to choose between an out-of-box solution or a custom-made implementation. The protocol comes with standard benefits of blockchain technology including SDK and API for merchants as well as a wallet app for customers.
More information about the platform and the ongoing pre-ICO sale can be found at pyapay.co.