The Benefits of a Crypto Billing Service
Cryptocurrencies are becoming mainstream, and the next natural step is to support customer choice and convenience since the clear majority embraces digital currencies. Their popularity is tied to the users adopting and using them. Therefore, designing crypto opportunities in the form of daily services is vital for the further development of the industry. There is an increasing number of people who would like to settle their regular payments or subscriptions via a crypto billing protocol as the blockchain provides more advantages for the end-user. But why do we need a crypto billing service?
To answer that question, it is first necessary to note how our lives have become increasingly digitalized with online payments making up an essential part of our daily routine. However, using traditional payment systems such as credit cards and banks is often complicated, as we all know, with delays, miscommunication or unfortunate credit card frauds being a common experience. Additionally, security-wise, a centralized structure is facing challenges concerning speed, bureaucracy, and the ability to continually innovate. If you take a minute to think about the innovative updates, MasterCard or your bank came up within the past five years, does anything WOW come to your mind?
This is where the crypto space comes in to fill in the gaps and disrupt the industry. The blockchain as technology provides full transparency which is essential in any business. Markets, customers, investors and other stakeholders have all grown tired of hearing about the trust violations of large organizations—the massive account rigging scandal at Wells Fargo, the stolen data from British Airways and many other breaches that created an overall lack of trust in corporations. The disadvantage of the traditional system is the lack of operations transparency. But with the blockchain recording and storing every transaction, there is no longer any need for “trusted” third parties such as payment processors. Blockchains are no panacea, but with the right mix of leadership and institutional switch from analog to digital, and potential decentralized structures, users can regain their trust.
A blockchain billing service using cryptocurrencies is not tied to a debit card, credit card or bank account. Unlike Paypal or any third-party party payment services, consumers can pay for goods and services online without risking their identity and personal data being stolen. This aspect makes a crypto billing service attractive to consumers. However, there is another advantage and it involves the technical element which became a crypto trademark – the Smart Contract. Thus, consumers are in full control of their funds, and the digital coins are only transferred if a user initiates the transaction. This option has the potential to eliminate double spending, fraud and sets the ground for a much more efficient customer-merchant relationship.
PumaPay is developing such a system that aims to provide a valid solution to the usability of cryptocurrencies in everyday payments. The blockchain is allowing vendors worldwide to design their transaction logic as it may suit their business model. For the consumers, this becomes less of a headache as PumaPay simplifies the process by reversing the mechanics of crypto transactions and sets up a pull action triggered by the vendor. Following this first step of the operation, a QR code is generated, which the buyer can scan to retrieve the details of the PullContract. If the preset parameters match, the contract is approved, and the transaction goes through within seconds. The transaction gets recorded on the shared ledger, and it becomes irreversible.
This is why a crypto billing service will transform everyday payments. Do you agree?