Bitcoin Support Coming? PayPal Files Patent for Payment Device That Accepts Cryptocurrencies

by Joseph Walent 0

Difficulty in the use of Bitcoin and Satoshi as legal tender in day-to-day transaction has long been cited as one of the chief obstacles to its wider use by non-payment industry sophisticates. The apparent intention of online and mobile payment enabler PayPal to provide a solution to this problem that view in the public experience today.

The application’s abstract describes a modular payment module. The module includes a chassis which has a modular device connector. A payment database in the chassis stores funding source information and security information.

Mercator Advisory Group recognizes PayPal is staking out territory to operate as an early mover in a space, that of virtual currency, that has not truly caught the attention of the masses. However, as more global citizens incorporate mobile payment schemes in their daily transactional interactions, the use of alternative currencies will be less of a leap of faith, and being able to offer the capability to businesses will be an asset.

Overview by Joseph Walent, Senior Analyst, Emerging Technologies at Mercator Advisory Group

Read the full story here

Featured Content