January 28, 2023

MasterCard Filing Bitcoin Patent

The giant among transnational financial services, MasterCard, has filed a patent application an international virtual consumer basket that also includes bitcoin.</strong>

Application entitled “Interchangeable Settlements inInternational Consumer Basket, ”was initiated by the company’s New York office and sent to the US Patent and Trademark Office in March 2013 for review.

Submission of patent registration documents is one of MasterCard’s many steps aimed at creating an international online basket for the convenience of online shoppers.

The international shopping basket combinesseparate baskets of each store, which allows users to create more volume orders to ensure more global projects, such as weddings or repairs.

A MasterCard representative reports:

Every day we take new steps tomake the purchase process more convenient. The use of this technology [Bitcoin] is just one such example, demonstrating a certain level of flexibility regarding the sources of payment for the content of consumer baskets. ”

Nevertheless, as the representative of the company added, the patent does not imply any special support or incentive to use Bitcoins specifically.

The application will be registered in order to protect the intellectual property of the company and does not mean commitment to any ideas.

The patent version, published June 19, has not yet received approval from the US Patent and Trademark Office.

Alternative payment methods

The application for registration noted that the introduction of an international consumer basket will require a new exchange service that will support a variety of payment methods.

MasterCard included bitcoins in the application under the general term “non-standard methods and sources of payments”.

Interchangeable payments using oneand more payment methods or sources, may include cloud-based payment schemes, e-wallets, sales terminals and non-traditional methods and sources of payments. ”

Further in the application text the concept of “non-traditionalpayment methods and sources ”is disclosed: in the definition of barter transactions, among other things, the list includes“ virtual currencies, bitcoins, premium social media balls, automated clearing operations and coupons ”.

Bitcoin wallet support

Representatives of MasterCard also explain that the system supports a large number of different payment methods using the “API structure flexible enough to support convertible payments”.

Upon request, the API will be able to connect to bitcoin, as well as to other e-wallets, such as MasterPass, GoogleWallet, PayPal, and potentially others that implement bitcoin startups.

The text of the application for registration of a patent mentions Bitcoin among other services available to choose from:

API supports interfaces of non-traditional payment services that pay in virtual currency Amazon, award points, bitcoins, using virtual cards, etc. ”

Bitcoin patent battles

By filing a patent application forUsing electronic currencies, MasterCard, a well-known issuer of bank cards, has joined the list of traditional financial companies that have embarked on the path of patent protection of various electronic payments, which already include Gemalto, Visa and WesternUnion.

However, despite the anxiety among bitcoiners provoked by the news about patenting, it remains unclear where and what danger should be expected in case of patent registration.

: Coindesk Posted by: Pete Rizzo