Last week our CEO, Yoav Dror, was interviewed by Forbes journalist, Joresa Blount, who reports on technology and innovation with a niche for profiling CEOs and founders of some of the most disruptive businesses. To find out what he had to say, carry on reading!
Bringing Crypto Payments To The World
The digital payments industry is expected to reach $726 billion in 2020 globally. Despite these staggering numbers, most traditional digital payment methods still contain high fees, are exclusionary based on nationality or residence, and traditionally have not been
To learn more, Forbes spoke to PumaPay’s CEO, Yoav Dror, on the company’s latest advances, the state of the industry, and the upcoming Asia tour.
1. First off, congratulations on the launch of your payment solution. Can you explain why this is important?
PumaPay’s Comprehensive Payment Solution supports the most common transactions in the online and offline spheres, such as recurring payments, top-up, pay-per-use, and pay-per-time; providing a blockchain-based solution for everyday payments.
We aim to disrupt the whole payments landscape. We have developed a suite of products including our own cryptocurrency, mobile wallet app, a payment gateway for merchants and a marketing hub for merchants and consumers. Accepting cryptopayments has never been easier. We revolutionize payments by providing a faster, more efficient and inexpensive alternative to credit cards to empower your digital customer.
2. What are some of the key features?
First, we have a business console that is a one-stop-shop for businesses to register, set up their billing models and start accepting PMA.
Second,the Fiat Settlement Layer cancels the volatility risk associated with cryptocurrencies and guarantees liquidity, by locking the rate of the PMA token at the moment of transaction. Using this layer, businesses will receive their proceeds as fiat directly to their bank account without the hassles associated with liquidation on crypto exchanges.
Third,our technology effectuates cryptocurrency utilization in everyday life. We have developed our own cryptocurrency wallets to ensure full support and smooth integration with our comprehensive payment solution. We enable cryptocurrency holders to purchase products and services from our ever-growing network of businesses who accept PMA as a method of payment.
Lastly,there is PumaPay Pride, which is adirectory of businesses who have adopted our technology and integrated with our payment system. It will act as a hub, bringing businesses and crypto holders together. It will allow businesses to promote products to crypto holders while at the same time, introduce crypto holders to new products and a way to spend their cryptocurrencies.
3. What is PumaPay’s competitive advantage?
Our core strengths include flexibility, speed, cost savings, and transparency. To date, we have begun our integration with over 100 early adopters. Onboarding and integration is fast and simple through our Business Console and well-documented APIs.
We are also open to all kinds of businesses since our system can adapt to any business logic, providing businesses the ultimate flexibility when it comes to payment options. After integration, funds can be received within minutes utilizing transactions over the blockchain.
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.
3. What kinds of businesses do you find being most receptive to accepting crypto payments?
Any business and industry that is considered high risk by traditional banks. For example, e-commerce, online retail, financial services like trading, health & fitness, pharmaceuticals, gambling, gaming, and even the adult entertainment industry.
We have 36 giants of the adult entertainment industry, including Pornhub, Gamma Entertainment and LiveJasmine, committed to adopt PumaPay’s unique PullPayment protocol. The move will expand their competitive offering and facilitate their access to the billions of cryptocurrencies worldwide.Our payment solution adds real value to companies in the adult industry which had become accustomed to high fees and chargebacks by delivering a cost-effective payment alternative while retaining familiar billing methods such as recurring payments and trial periods.
We are also very successful with Payment Service Providers (PSPs). We have developed a suite of products and tools that enable PSPs and their customers to use our complete payment solution. We are PCI DSS Service Provider Certified. We follow and comply with global data security standards which means your data is safe and secure.
4. What do you think are the biggest challenges to crypto mass adoption?
We understand that in order for cryptocurrencies to become mainstream, several things are required to happen. First and foremost, there needs to be tools available that are intuitive, easy to use, that comply with financial standards and, wherever possible foresee future regulations. We have created a comprehensive payment solution with a complete set of tools for businesses and consumers.
We also mitigated the risks associated with cryptocurrencies with our Fiat Settlement Layer that enables fiat settlement directly to the business bank account without the perceived hassles of conversion.
5. Where do you see the opportunity of blockchain-enabled payments in the future?
Blockchain technology has the potential to transform business performance offering faster transaction times, huge costs savings and immutability. We are of the opinion that such a change will be largely driven by blockchain-based cryptopayment systems such as PumaPay.
While there are a variety of cryptopayment solutions out there, PumaPay immediately sets itself apart because it’s protocol allows users to process transactions using familiar billing methodologies by combining the flexibility of credit cards with the added benefits of the blockchain. It is well known that current payment solutions such as credit cards, come with multiple limitations and fees that usually burden the business.
At the same time, cryptocurrency payments, in the form they are available now, are hard to incorporate into the everyday needs of individuals and businesses. It is difficult, for example, to pay for your gym subscription with your cryptos, or you have no idea which companies might accept PMA. With our advanced billing models, users can pay for their subscriptions through their PumaPay cryptocurrency wallet.
We want to create continuity so that both individuals and businesses can continue using all the familiar billing models they did with credit cards, without introducing any unnecessary complexity. On the contrary, our goal is to provide them with the flexibility and convenience of credit cards.
6. Tell me about your upcoming promotional tour.
After a year and a half of development, our solution is ready, and we are moving on to the adoption phase. We start this phase with our first ever Pan-Asian Tour this September. Our team will be attending a series of events in 4 countries over the course of 9 days!
I will be leading the meetups along with other key members of our team. In these meetups we will be announcing some major updates as well as presenting the latest PumaPay technological developments and unveiling our future plans and strategies.
Throughout the tour, members of the community will have the opportunity to meet our team and discuss with us our vision for PumaPay. Our roadshow will launch with a closed VIP dinner in Singapore, followed closely by stops in Hanoi Vietnam, Seoul Korea & Tokyo Japan.
We are thrilled to be touring Asia and look forward to sharing our news with the world.