PumaPay Seeks to Modernize Payment Processing

PumaPay Seeks to Modernize Payment Processing
Rhett Pardon

LOS ANGELES — Blockchain company Decentralized Vision, in a published report today in Venture Beat, said that scores of companies from a variety of industries, including a significant number from the adult space, have committed to adopting its PumaPay protocol.

Muly Litvak, a strategic investor at PumaPay and founder of numerous adult entertainment brands, told Venture Beat that “the vision of PumaPay is to disrupt the current payments system and eventually to become the default payment method worldwide.”

PumaPay is an open source “PullPayments” protocol that aims to provide more efficient, flexible, reliable, secure and cost-effective payment mechanisms. PullPayments are mechanisms that integrate traditional payment scenarios with blockchain technology.

“We believe that blockchain-based payments are the future, and it’s about time somebody replaced the outdated centralized payments system,” he told Venture Beat. “Right now, our immediate goal is to complete the crowdsale and get as much support and funding as we can, so we can develop the protocol and align it with as many early adopters as possible.”

Litvak, who noted that PumaPay is now in the pre-sale stage with an ICO planned for March 22, said that adult entertainment companies are a “perfect fit” for the currency, primarily because of reduced chargebacks and low fees.

With PumaPay, he said, “businesses can continue to accept payments the way they do today, but without the associated drawbacks.”

“In spite of the multiple disadvantages of the current payments system, it still offers the benefits of immediate transactions (at least from the consumer’s perspective) and bearable fees,” he said. “Until recently, crypto payments couldn’t compete with that. PumaPay will be built on the next-generation blockchain, ORBS, enabling nearly immediate transactions and low fees, so it will be a good fit for micropayments and daily use.”

PumaPay’s ultimate goal is to sign 300 partners, and not just in the adult entertainment industry. So far, companies like ImLive, LoadedCash, AEBN and XBIZ have already signed up, and so have mainstream brands such as FashionTV, Backpack and Moburst.

“We have already signed over 30 partners,” Litvak told Venture Beat. “Although the adult entertainment industry is very enthusiastic about the protocol, it is not the only one, as we are also joining forces with representatives of other industries, both online and offline. This includes everyone from local grocery stores and gyms to online dating sites, payment processing companies, ecommerce brands, and more in every corner of the world.”