Blockchain-based payment system PumaPay has announced the launch of a new cryptobilling solution which has secured PCI (payment card industry) compliance.
PullPayment Protocol will enable multiple payment scenarios and all the familiar billing methodologies used with credit cards.
“PCI compliance puts PullPayment Protocol on the map, giving PumaPay the recognition it needs to deliver its cryptobilling solution, while also keeping users’ financial information secure,” Yoav Dror, CEO of PumaPay, said in a press release. “The goal here is to give people the ability to spend their cryptocurrency easily and safely as they would regular fiat, and to allow businesses to accept cryptopayments using the same payment method to which they’re accustomed.”
The app is divided into four sections — shopping, social, chat, and a non-custodial multi-wallet — with user information stored locally and protected with end-to-end encryption.
“We’ve heard many stories from merchants about finding OpenBazaar a refugee from the high fees, restrictive terms and conditions and poor treatment of merchants on eBay and Amazon,” said Jenn Cloud, OB1 communications lead, according to CoinDesk.
And Australia’s government has decided to exclude digital currencies from new restrictions on cash payments. Lawmakers said that the reason for the exclusion was to prevent the disappearance of cryptocurrencies from the local economy and interfere with innovation.
“Digital currency is a new and developing area in the Australian economy. Unlike physical currency, it does not have a firmly established regulatory framework or industry structure. This makes it difficult to apply the cash payment limit in a way that would not largely prevent the use of digital currency in Australia or significantly stifle innovation in the sector,” stated the memorandum, according to Cointelegraph.