The giant US- based PayPal is planning to improve the cryptocurrency payments, according to a newly-submitted patent. The company has found solutions to solve the dilemmas related to the transaction processing time.
PayPal has submitted a patent
An official document entitled “Expedited Virtual Currency Transaction System” was published on 1 March 2018 by the U.S. Patent and Trademark Office (USPTO). According to it “Such payment service providers [PayPal, Inc. of San Jose] can make transactions easier and safer for the parties involved. Purchasing with the assistance of a payment service provider from the convenience of virtually anywhere using a mobile device is one main reason why on-line and mobile purchases are growing very quickly. “
PayPal will create secondary wallets
The new patent is going to implement a new system through which private keys are separated from the buyer and the seller. The concept of the project is to reduce the processing time of payments between consumers and sellers, thus eliminating the waiting time for placing the order in the platform system. PayPal aims to add additional secondary wallets that will issue unique private keys. Thus, the system will process the transactions between buyers and sellers behind the scenes faster and efficiently.
The patent submitted at the U.S. Patent and Trademark Office explains that “The systems and methods of the present disclosure practically eliminate the amount of time the payee must wait to be sure they will receive a virtual currency payment in a virtual currency transaction by transferring to the payee private keys that are included in virtual currency wallets that are associated with predefined amounts of virtual currency that equal a payment amount identified in the virtual currency transaction.”
We want to remember that PayPal has announced about its partnership with numerous Bitcoin payment providers since the last quarter of 2014. The company has invested during the time in several Bitcoin platforms.
Being an important player on the American market and not only, PayPal is constantly adapting to innovations and changes in the business environment. Once the patent is approved, the company will certainly attract and retain an impressive number of customers.