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A crypto startup says merchants are being exploited by credit card companies, and is creating a Blockchain protocol which lowers transaction fees. PumaPay is building a Blockchain-based protocol to reform how everyday financial transactions are completed – with a warning that credit and debit cards are unfit for purpose in today’s “fast-paced, global economy.” PumaPay claims its system has what it takes to propel cryptocurrencies into mainstream use and rethink how payments are processed. It is developing an open-source “PullPayment Protocol” which enables merchants to pull funds out of a customer’s account with their consent. This would replace old-fashioned methods where a shopper pushes money to a retailer, with the cash going through a long line of intermediaries in a costly process that can take days to complete. According to PumaPay, its invention is “far more credible, efficient, cost-effective and scalable” than current solutions – and offers much-needed flexibility to make cryptocurrencies viable as a source of payment both online and offline. According to PumaPay, it is merchants who lose out most through the economy’s “anachronistic” reliance on card payments which dominate online shopping sites. Cryptocurrency Startup To Take On ‘Outdated’ Credit Cards Through Blockchain Payment Protocol
thumbnail courtesy of cointelegraph.com