Mastercard to patent Bitcoin transactions on credit cards

Thursday 19 July 2018 11:10 CET | News

Mastercard has filed a patent that manages “fractional reserves of blockchain currency”, enabling consumers to charge their purchases on their credit cards using Bitcoin as a currency.

The increased usage in blockchain currencies by consumers who value anonymity and security, has led Mastercard file the patent. At present, Mastercard holders can only pay for things using currency that the government has declared as legal tender.

However, there is a need to improve the storage and processing capability of blockchain transactions, as both consumers and merchants have to wait a “significant amount of time” for these digital transactions to go through.

While the details are still unclear, if the method was brought to market, the patent could speed up blockchain transactions by allowing cardholders to instantly pay for things on their credit card with a fraction of their digital currency, according to CNBC.

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Keywords: MasterCard, Bitcoin transactions, credit cards, Bitcoin, cryptocurrency, blockchain, patent, innovation
Countries: World