You don’t come naked and you don’t wear pajamas,
you can wear whatever you want.
My little sister has a standing desk, but
also a biking desk.
0 volatility and 100% liquidity.
This is where everything happens.
Hi, guys. I’m Molly Jane from Cointelegraph,
and we’re here in the beautiful country of
Cyprus to look inside PumaPay.
PumaPay is a blockchain-based payment system.
Its unique characteristic is its
PumaPay PullPayment protocol.
While most payment systems work
with pushes when one company sends or pushes
a transaction to another, PumaPay lets companies
pull money, making a blockchain-based subscription
service a reality.
Where are we right now? We are at the PumaPay
offices in Limassol, Cyprus.
And how long have you guys been in this office
We’ve entered here in March 2018, so that
will be a year and a half.
PumaPay based in Cyprus has employees from
all over the world. The office looks like
a mini-Silicon Valley tech hub which graffiti
covered walls and electric colors and employees
dressed in shirts and sneakers sitting in
small soundproof hubs for meetings.
PumaPay aims to disrupt the entire payment
space, and we are combining the flexibility
and ease of use of payment cards, credit cards.
So who is over here sitting in this open office space?
So this area is our marketing theme and designers
and the copywriters.
– And what about here? So this is your office?
– Yes, that’s my office.
– You have a standing desk.
– I do.
Have you always had a standing desk?
For the past three and a half years
since the back started to make its problems.
So does it help? Really? Yeah.
I spend at least half of my day standing.
You can put it down and then you can sit.
But I spend half my day standing, it’s much
more convenient.
My little sister has a standing desk, but
also a biking desk. Oh, that’s very cool.
Just from doing research out in the field
of crypto payment processors, that seems to
be something that sets you guys apart. Exactly.
Prevailing method of using cryptocurrency
is that me as a customer, I have to put your
address, as a merchant or another person,
have to put your address and send my funds
to you or push it to you. And we inversed
the mechanic of the transaction. And now with
our unique architecture of smart contracts,
which we call the PullPayment protocol, we
allow you, the merchant, to connect with my
wallet and subject my approval of the terms
and conditions that you present to me you’re
allowed to pull funds directly from my wallet.
But it kind of reminds me of Venmo, which
is like a fiat transferring app. You can set
your friend a trust and then you can pull
money from them. So it’s about trust in a way.
Yes, exactly, it’s about trust. And this opens
the door to a whole universe of payment methods
that were not possible on the blockchain before,
like subscription payments, top up a billing
model, utility payment, paper time, paper
use, etc. And we centered our solution around
these, as we call them, advanced billing models.
The PullPayment protocol allows infinite flexibility
when it comes to business logic and it allows
any business to use it, and the system adapts
itself to the business-business logic and
not the other way around.
Since we started the ICO, we signed over 100
very known brands.
It’s a lot. They want to work with our technology.
Among them are famous brands like FashionTV,, PornHub, Rent24 and many, many more.
We have already started onboarding and integration
with a few of them.
Do you guys have any sort of dress code here?
Are you guys trying to be like Silicon Valley?
Everyone comes in t-shirts and sandals.
As long as you don’t come naked and you don’t
wear pajamas, you can wear whatever you want.
Most of the people come very, very casual.
So this is the main space of the office.
It’s divided to two. Here we have the engineers,
the head of the teams working here. We have
a large team in India and they operate them
from this desk. And this is where all our
smart contracts are being written by the blockchain
architect, Giorgos Kourtellos.
And on this side we have the product team.
UI, UX and QA team.
So in this area, this is where everything
So could you tell me more about that collaboration
with Pornhub? Because that really was like
a big deal I remember it, last August when
it happened and there was that promotional
video that was very funny and well done. All
over the media.
Well, we could send PumaPay. He’s right. With
that cryptocurrency the transfer would be
immediate and with their PullPayment protocol,
they’ll be able to automatically pay for their
subscriptions every month and they would leave
us in peace. Best of all, PornHub accepts it.
Sir, how do you know that?
We’ve penetrated that industry and we managed
to hook many companies to make them early
adopters of our technology. And among them
was Pornhub, blockchain and cryptocurrencies
– they solve real problems for any high risk
industry, and adult entertainment is one of
the high risk sectors. We can define risk
as the risk of a customer regretting the transaction
and then trying to cancel it. So in dating
platforms, casinos, gaming and porn as well,
there is a high risk that the customer will
regret it and then will ask his bank or credit
card company for the money back. And according
to the rules of MasterCard and Visa, whenever
the customer asked for the money back, it’s
called a chargeback. They don’t ask questions
they take the money from the merchant account
and they give it back to the customer. Then
their merchant can dispute that, then they
can present proof that the customer indeed
consumed the services, etc. Maybe they will
get their money back and it will cost them
a lot of money. But if they cross a certain
threshold of transaction, which is currently
1%, 1% of the transaction are being charged
back and you are at risk of your account to
be terminated by Visa and MasterCard and to
prevent this high risk companies, they employ
large teams of people who review the transaction
before they approve them.
They reject a transaction. They have a lot
of a false positives.
They employ AI solutions. It has a cost both
in the operating business solutions and in
the rejected transaction that could ever materialize
into real sales and no chargebacks. And one
of the core features of blockchain is that
transactions are final and immutable. So as
our system combines the benefits of credit
cards and blockchain, this is one of the advantages
that we bring to high risk companies such
as adult entertainment companies.
What about the graffiti on the walls? I’ve
noticed, because like I said, graffiti normally
is outside of buildings, not inside them.
Yeah, but we wanted to create a young and
relaxed and invigorating atmosphere.
So we hired a graffiti artist to do it. You
can see that throughout the entire office,
also in some of the rooms. This artist’s father
is a very talented carpenter and he did all
the customize desks you see here.
So it’s like a family.
Yeah, family of artists.
Another reason is that since it’s considered
to be high risk, the credit card companies,
they charge a lot of money as processing fees.
It can get up to. At some settings it can
get up to 15%, which is crazy. And we decided
since we want the high risk companies to use
our solution, we decided that our protocol
would have no transaction fee, so it’s free
for use. The only fee that they have to pay
is the Ethereum network gas processing fee,
but they don’t pay us anything per a transaction.
So for these companies, they’re saving a lot of money.
How do you guys plan to deal with the volatility
of cryptocurrencies?
Yes, that’s a very good question. One of the
first feedback that we got from businesses
is that they wouldn’t want to integrate with
our system because of the volatility, the
expected volatility of our token. Our token
is the facilitator of the entire system.
Our token is the sole means of a value transfer
over the protocol. And if it fluctuates, then
they have a risk here. So we solve this by
integrating with a fiat settlement layer,
which allows the merchant to lock the rate
of the PMA token at the moment of the transaction.
So if the merchant nominates their price,
let’s say $10 in fiat, at the moment of the
transaction this rate is locked and we present
this right to the customer. They know that
they now they have to pay, let’s say it’s
a 1 to 1, now they have to pay 10 PMA tokens.
And at the same moment, we guarantee the $10
for the merchant and then 10 PMA tokens for
the customer. And at the end of the week or
the month, according to the setting, the merchant
will send the PMA tokens to their fiat settlement
layer and will receive their funds as fiat
directly to their bank account. And this also
saves them the hassle associated with crypto
exchanges opt in, opening account liquidation,
liquidity problems. So it’s 0 volatility and
100% liquidity.
And what’s the story behind PumaPay? Why pumas?
It’s a cool and catchy name. At the beginning
we thought of a LionPay, but PumaPay it’s
more catchy than when you say the PumaPay
PullPayment protocol – sounds lovely.
PumaPay raised 117 million dollars on their
ICO. And the company’s technology seems to
have no limits for the possibilities it can
open up for disrupting the entire payment system.