Credit card processing outfit, Square is not slowing down on its upward movement in its search for advancement in the digital assets world, as it recently won a patent that will allow transactions between merchants and buyers to be processed in cryptocurrencies, in addition to fiats that were previously accepted.
The original document on the recent patent’s publication, which was made available by the U.S Patent and Trademarks Office (USPTO) showed that the patent was applied for as far back as 22nd, September 2017. Titled ‘Cryptocurrency Payment Network’, the patent outlined a payment scheme where merchants are allowed to transact in any cryptocurrencies, like Bitcoin, Ether, etc.
“The present technology provides a payment service for providing financial transactions between a customer and merchant wherein the customer can pay in any currency and the merchant can be paid in any currency,” the paper explained.
The payment service comes with excellent payment flexibility, as it allows the customer to make payment in any currency of choice, while the merchant also receives payment in any currency of their choice too. Thus, it helps to eliminate some barriers and problems associated with payment via fiat currencies. For instance, the risk of transacting business with a fraudulent party is highly minimized.
The publication further explained that the new patented means of payment would increase the level of trust on which transactions are done. According to the paper,
“Such increased trust can also be an important benefit of the present technology when a party to the transaction wishes to remain anonymous to another party in the transaction. Anonymity can reduce trust, and in some cases, transactions with anonymous parties can even be illegal. The present technology includes systems and method of overcoming such concerns, especially in cryptocurrency transactions wherein aliases are commonplace.”
Moreover, the technology will also help overcome the problems of latency that is common to cryptocurrency transactions. This will ensure transactions in cryptocurrency are confirmed in a few seconds, as against the extended length of time, thus making sure that transactions in both fiats and cryptocurrencies are at par.
With this latest development, Square joins the growing list of firms that support cryptocurrency payment. BitPay has a system in place that allows customers to make payment in Bitcoin and Bitcoin Cash. With Square allowing cryptocurrencies outside these two, the company has the edge over BitPay.
The question now remains “when is Square rolling out this interesting technology?”