According to a document published by the U.S. Patent and Trademark Office (USPTO), Mastercard won a patent for a method to speed up cryptocurrency payments.
“It often takes a significant amount of time, around ten minutes, for a blockchain-based transaction to be processed … Conversely, traditional fiat payment transactions that are processed using payment networks often have processing times that are measured in nanoseconds … Therefore, many entities, particularly merchants, retailers, service providers, and other purveyors of goods and services, may be wary of accepting blockchain currency for products and participating in blockchain transactions.”
Mastercard will offer a new type of user account for this purpose. It will be able to transact in crypto, while using the existing fiat systems.
…and make them safer
According to the company, transactions made this way will also be more secure.
“payment networks may be able to evaluate the likelihood of fraud and assess risk for blockchain transactions using existing fraud and risk algorithms and information that is available to payment networks, such as historical fiat and blockchain transaction data, credit bureau data, demographic information, etc., that is unavailable for use in blockchain networks.”
What do you think about Mastercard working on the cryptocurrency transactions? Share your thoughts in the comments below!