Mastercard Eyes Cryptocurrency Refunds in New Patent Application
Array

Mastercard Eyes Cryptocurrency Refunds in New Patent Application

-

- Advertisment -Mastercard Eyes Cryptocurrency Refunds in New Patent Application

A new patent application from Mastercard suggests that the global credit card issuer is exploring ways to build refund services for cryptocurrency users.

The application, titled “Information Transaction Infrastructure”, was published  by the the U.S. Patent and Trademark Office (USPTO) on August 3, having been submitted in late January. Vladimir Goloshchuk, who according to LinkedIn previously worked as a senior analyst at Mastercard, is listed as the sole inventor.

The application details an infrastructure through which users could verify their identities, which would then be linked to cryptocurrency addresses they elect to disclose.

The text of the application points to this being most relevant for situations in which users are submitting payments to merchants from accounts on exchanges, or other services, in which their funds may be held alongside those belonging to others.

In the event that a merchant has to send the money back for a refund, they would send it back to an address linked to that user’s account – a situation in which the exchange or custody holder might then need to know where those funds are being sourced from and why.

To counter this, Mastercard proposes a way for users, through a shared service, to have two kinds of wallets.

“The basic principle of the arrangement … is that a user of the shared wallet service has two types of wallet. Firstly, they have a ‘public’ wallet for on-the-chain publicly visible and verified transactions. The user will make and receive cryptocurrency payments external to the shared wallet service using a public wallet,” the application explains, adding:

“Using this approach, the refund problem can be addressed – a payment received from the public wallet can be refunded by an equal payment back to the public wallet.”

The application is the latest from Mastercard, which has filed several patents in the past few years. The company has also developed projects focused on blockchain tech, releasing a set of dedicated APIs last fall.

Disclosure: Mastercard is an investor in Digital Currency Group, CoinDesk’s parent company.

Mastercard image via Photo_for_You/Shutterstock.com


The leader in blockchain news, CoinDesk is an independent media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. Have breaking news or a story tip to send to our journalists? Contact us at [email protected].

Source link

Mastercard Eyes Cryptocurrency Refunds in New Patent Application
Bitnewsbot.comhttps://bitnewsbot.com
BitNewsBot.com aggregates the latest news around bitcoin, blockchain, cryptocoin, ICO's and FinTech, from all around the internet and publishes them in a single place.

Latest news

Why Bitcoin Will Succeed?

If Bitcoin will succeed or not is an interesting question. For the time being, Bitcoin holds a...

Elon Musk Tweets That “Bitcoin” Is Not His Safe Word

By now, you probably know that Elon Musk appears to have knocked up his girlfriend, Grimes. And just when you...

Bitcoin Can Gain 100% In 2020 – Halving Not Priced In, Says Fundstrat

Authored by William Suberg via CoinTelegraph.com, Bitcoin can deliver 100% returns to investors in 2020 and may rise significantly in...

South Korea’s Largest Digital Asset Exchange Bithumb Might Invest $8 Million in Country’s Regulatory Free Zone

Bithumb, South Korea’s largest digital asset exchange, might invest over $8 million into the nation’s regulatory sandbox program and...
- Advertisement -Mastercard Eyes Cryptocurrency Refunds in New Patent ApplicationMastercard Eyes Cryptocurrency Refunds in New Patent Application

As EU Regulations Tighten, Crypto Options Exchange Deribit Moving from Netherlands to Panama

Deribit, a cryptocurrency options exchange that does not currently require customers to identify themselves, will relocate to Panama from...

As EU Regulations Tighten, Crypto Options Exchange Deribit Moving from Netherlands to Panama

Deribit, a cryptocurrency options exchange that does not currently require customers to identify themselves, will relocate to Panama from...

Must read

Why Bitcoin Will Succeed?

If Bitcoin will succeed or not is...

Elon Musk Tweets That “Bitcoin” Is Not His Safe Word

By now, you probably know that Elon Musk appears...
- Advertisement -Mastercard Eyes Cryptocurrency Refunds in New Patent ApplicationMastercard Eyes Cryptocurrency Refunds in New Patent Application

You might also likeRELATED
Recommended to you