Mastercard use Blockchain Tech For Payments

Not long ago Mastercard has filed a patent for instantaneous payments via Blockchain. The patent appeared the 9th of this month in the US Patent and Trademark data system. Such action of the company cleared that Mastercard intends to use Blockchain technology to create a system where merchants can receive guaranteed instantaneous payment. And don’t have to wait for multiple days before credit card transactions can be verified and then paid by card issuers.

The filling states:

“Thus, there is a need for a technical solution where a payment transaction can be guaranteed in a manner that is readily verifiable by an acquiring financial institution and/or merchant…By enabling the use of the guarantee with multiple payment instruments and transaction types, the guarantee may be used in more situations with a higher convenience to both consumers and merchants, which may result in merchants receiving instantaneous, guaranteed payment while maintaining a high level of consumer convenience.”

Mastercard has already shown that it is strongly interested in the technology by filing previous patents and announcing other Blockchain related solutions. In spite of this fact, the company has also been opposed to Bitcoin. As it can be noted, the CEO even made disparaging remarks against the cryptocurrency.

It looks rather paradoxically as this announcement highlights the level of intensely negative feelings toward Bitcoin among institutionalized finance departments while embracing the technology it is built on.

Polli Bormotova

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