JP Morgan Chase Wants a Patent for Digital Payment System
According to Business Insider, the recent filing is a renewal of a patent first filed in 1999, so this isn't actually a new creation by JP Morgan Chase at all. JP Morgan Chase is building its own digital currency for use with digital 'wallets', it has been reported. The banking giant filed a patent application relating to a "method and system for processing internet payments using the electronic funds transfer network". Let's Talk Bitcoin claimed the patent application was actually filed on 5th August, and published 28th November. The application's abstract says: "Embodiments of the....
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Welcome to the CoinDesk Weekly Review 13th December 2013 - a regular look at the hottest, most controversial and thought-provoking events in the world of digital currency through the eyes of skepticism and wonder. Your host ... John Law. Inventing problems. You've got to love Internet rumours. A bit of a Twitter-storm kicked off earlier this week, when the word went out that JP Morgan had tried to patent bitcoin. Calmer heads prevailed: JP Morgan hadn't tried to patent bitcoin. It had re-presented an old patent from 1999 about an online payment system with electronic wallets, but one that....
There are some indications pointing towards Paypal finally introducing official support for Bitcoin and other cryptocurrencies. Paypal has filed a patent for a modular payment system. Although it seems to indicate this will be a hardware device of some sort, there is also a mention of using a virtual currency wallet system. Every time a company files a patent for some new form of payment technology, there seems to a buzz of excitement in the air. In the case of PayPal, their patent application revolved around a modular payment system, which offers some interesting traits. The PayPal....
American multinational banking and financial services holding company JP Morgan Chase & Co. has announced the launch of its own version of a mobile payment system, Chase Pay, which will allow users to pay major retailers and merchants in the U.S, including the country’s largest retailers Walmart and Best Buy. As a rival platform, the bank’s mobile payment network is set to challenge Apple Pay in various strategies. For example, since its launch a year ago, Apple Pay failed to convince major retailers including Walmart and Best Buy to accept payments through its technology. In fact,....
10 new patent publications filed by Bank of America have been published by the U. S. Patent and Trademark Office (USPTO) last week. The bank's patent applications were filed in June, last year. The USPTO has published 10 patent applications filed by Bank of America in relation to cryptocurrencies. The original filing was done in June 2014 and the 10 new applications add to an existing filing for a wire transfer system involving cryptocurrencies by Bank of America, published in September. While the bank's official plans or endeavors with cryptocurrencies are still unknown, the following....
A possible cryptocurrency scam is using JPMorgan & Chase's branding - and the bank isn't happy about it. In a message posted to its Chinese-language website, JPMorgan disavowed any relationship with the so-called "JPMCoin" or "Morgan Dollars", a virtual currency currently being pitched via Chinese social media platforms. The bank said in the statement: "JPM Coin is not a product of JPMorgan Chase nor of any of its affiliates in China or elsewhere. JPMorgan Chase has not authorised any virtual currency (of this type or similar in any way). JPMorgan Chase has not authorized references to....