Mastercard’s New Patent Might Allow Bitcoin Transactions On Credit Cards For Customers
The crypto industry definitely requires facilitation of the credit card institutions so that the transactions of bitcoins could flow smoothly between customers and organizations.
Therefore, it comes as great news to the crypto users that MasterCard has recently won a new patent through which, it could allow its cardholders to undergo the transactions of cryptocurrency in the future. This is very happy news indeed for all cryptocurrency users as they will now be able to make easy transactions and purchase things using their MasterCard with their bitcoins.
According to the patent-protected method, it would allow, “fractional reserves of blockchain currency.” Currently, all the users of the MasterCard can only utilize the local fiat currency of their native countries to purchase items and make transactions. However, this new patent could be a total game changer. According to a statement made by MasterCard, the increased utilization of the blockchain technology for daily transactions has changed the game to a great deal. In today’s day and age, consumers definitely give a lot of importance to the privacy and anonymity that is lent by crypto in their transactions. This news has come as quite a surprise for many given the recent attitude of MasterCard towards crypto.
Seth Eisen, MasterCard’s Senior Vice President for Communications, talked about the growing importance of the privacy and security of the users saying, “While blockchain currencies can often provide such safety and security for the payer’s information, such security may be limited for payees, particularly due to the limitations of the blockchain.” In this regard, he also went on to say, “We’re consistently looking at ways to bring new thinking and new innovations to market to create value for us and our customers and cardholders. Patent applications are part of that process, taking steps to protect the company’s intellectual property, whether or not the idea ever comes to market.”