Retailers and service providers are struggling with inefficient and costly payment adapted to today’s various processing needs in order to provide an optimized protocol (the “Protocol”) under development, is intended to solve this problem by utilizing a new architecture of contract called “PullContract,” which enable new billing methodologies over the blockchain. The Protocol will promote more frequent use of cryptocurrency in online and offline markets and significantly increase the total volume of payments transacted with cryptocurrencies.
The Protocol will be a comprehensive solution which offers robust payment mechanisms far more credible, efficient, flexible, cost-effective, and scalable than current implementations. Unlike today’s payment methods, which include credit cards and virtual coins like Bitcoin, the Protocol is being designed from the ground up specifically to overcome existing online payment problems and offer a set of tools developed to facilitate onboarding processes for both merchants and customers. In addition, the Protocol will increase economic efficiency, reduce friction, and minimize risks by removing intermediaries such as credit card companies, charging excessive fees.
The Protocol will be a free, open-source project built around a customizable chain of contracts that govern transaction behavior. It can be set as a simple single transaction, a complex transaction that includes, among others, recurring payments, pay-per-use payments, split payments, restricted payments, exchange rate corrections or a combination of the above. Businesses may use the Protocol’s payment mechanism as is or modify and/or create new ones to fit their needs. for external third party companies that can build additional services on top of the are not limited to, credit network companies, insurance network companies, escrow service providers, code verification companies and others.
The solutions offered by PyaPay Protocol will create business opportunities Protocol and contribute to the PyaPay ecosystem. These companies include, but The PyaPay Protocol will be promoted through partnerships with businesses that have significant turnovers, by encouraging them to adopt the PyaPay ecosystem with tens of thousands of daily customers throughout numerous markets. PyaPay blockchain to the real world. Through this economic strategy, PyaPay will grow its cards, alternative payments, virtual coins, or blockchain technology – has yet payment.