MasterCard company has elaborated a new patent. It will cover a new payment method and link cryptocurrencies transactions to regular bank accounts.
MasterCard company could one day issue a credit card to spend crypto-currencies on daily purchases. Indeed this is the next development for this global financial company, headquartered in New-York. Its last patent application puts forward a method that could link fiduciary currencies and cryptocurrencies.
In other words, a user could have two MasterCard accounts linked to his bank account – one for his “classic” money, the other for his crypto-currencies.
MasterCard company promoting cryptocurrencies
Tokens, Cryptocurrencies and Altcoins. In its report, MasterCard company justifies this patent filing by explaining that digital assets do not allow their users to enjoy a high level of protection. And also pointing to the slowness of certain transactions. Because if traditional payments are processed in just a few seconds, crypto-transactions can sometimes take several minutes to be confirmed. It is likely to cause problems when it comes to spending on a merchant.
The report also states that the majority of individuals would be cautious regarding the cryptocurrencies. Indeed they operate very differently to traditional payment methods. This is why the company wants to bring to digital assets the systems already in place around fiduciary currencies. Moreover in order to promote their adoption while taking advantage of the benefits of the decentralization.
MasterCard company and Communication plan
Concerning the Credit Cards, it remains difficult to know, for now, the exact intentions of the company from New York. For example, we still do not know if this system will rely on its own blockchain technology.
And moreover, we don’t have yet the exact date when the product will be launched. The vice president of MasterCard, Seth Eisen confirmed recently that no product has yet been brought to the market. Primarily, the main idea was the protect the intellectual property of MasterCard company.
They are above all searching for innovations and communication on the technological approaches is essential. It creates a high value for the company, the customers and the cardholders, surfing on the crypto wave and the blockchain technology.
For now, filling the patent and communicating that is part of the marketing plan. As well as to secure the intellectual property of the company.
Blockchain, ideas and future
MasterCard company also explains that combining traditional payment systems and cryptocurrencies should help fight fraud. The system could thus use the current anti-fraud algorithms to assess the legitimacy of crypto-transactions.
This new patent adds to the company’s long list of blockchain initiatives. Last month, we learned that they had obtained two patents in this direction. One for anonymous blockchain transactions, the other for a route calculation service backed by blockchain technology. Mr. Eisen, vice CEO of MasterCard company had said that it was for MasterCard to secure a maximum of systems, without necessarily planning to offer them in the near future.
MasterCard company at the New York Stock Exchange (NYSE): MA
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