Mastercard Has Filed a Patent for Cryptocurrency Transactions Using Bank Cards

The US Patent and Trademark Office (USPTO) approved the patent of the Mastercard financial corporation for a method that will reduce time of processing cryptocurrency transactions through bank cards. The method is based on storing both fiat funds and cryptocurrencies under one profile. This means that the user will have two linked accounts in the bank – one for ordinary money, the second one – for crypto.

The patent states that clients increasingly prefer to use cryptocurrencies instead of fiat money because of its anonymity. Also, many consumers use digital currency to avoid fraud. Nevertheless, Mastercard claims that cryptocurrencies are still unsafe. Also, regular payments with fiat means are processed in a few seconds, while transactions with cryptocurrencies can take up to ten minutes. The combination of these two types of money will help significantly reduce the processing time of transactions and at the same time retain the advantages of decentralization.

However, it is not clear yet how Mastercard will still combine these two systems. Also, it is not said whether the blockchain technology will be used for this or not. In an email to CNBC, Seth Eisen, Mastercard’s senior vice president for communications, wrote:

"We’re consistently looking at ways to bring new thinking and new innovations to market to create value for us and our customers and cardholders. Patent applications are part of that process, taking steps to protect the company’s intellectual property, whether or not the idea ever comes to market."

It is likely that users will be able to pay for purchases with cryptocurrency in the near future, if it is approved by the authorities. Now the cards can only be used to pay for the purchase of virtual money.

JustForex, 2018.07.20

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