Mastercard has recently filed a patent for “Method and System for Instantaneous Payment Using Recorded Guarantees”. The patent application was released by the U.S. Patent and Trademark Office on November 9.
While the abstract does not mention Blockchain per se it is clear from the document that MasterCard wants to use it to develop a guaranteed instantaneous payment system for the merchants. This tech will put an end to the long waiting periods necessary to fully process credit card transactions.
The document 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.”
Blockchain — Yes, Bitcoin — No
The Blockchain technology has been of great interest to Mastercard for quite some time with it filing other patents and announcing Blockchain related solutions. When it comes to Bitcoin, however, the company does not show the same enthusiasm. Only recently Ajay Banga, the CEO of the company, publicly attacked Bitcoin with depreciating remarks.
And this new announcement does in no way clash with Mastercard’s hostile feelings toward Bitcoin all the while fully endorsing Blockchain.