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

PayPal Inc. has filed a patent application for a modular payment device that accepts bitcoin and other digital currencies.
The application, filed with the U. S. Patent & Trademark Office, includes a lengthy description of how it manages virtual currencies and it specifically names bitcoin, Litecoin and Dogecoin. The application also describes physical characteristics of the device, and it includes an image of the device.
Modular Payment Module
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.
A payment module engine in the chassis determines that the modular device connector has been connected to a device frame, and it retrieves identifying information from the device. The module then determines that the identifying information matches an authorized device identified by the security information in the database and, in response, enables the transmission of the funding source information to conduct a transaction.

This post was published at Crypto Coins News on 31/05/2016.