Mastercard is going to master the technology of refunding payments made in crypto-currencies

Mastercard Eyes Cryptocurrency Refunds in New Patent Application

At the beginning of the month, an application was filed with the US Patent and Trademark Office concerning the use of crypto currency in transactions. The applicant was the payment system Mastercard International Inc, and the inventor is Vladimir Goloshchuk. Previously, he was a senior analyst of the company.

The explanatory note to the application says:

 – The confirmation process in crypto-currencies expends a lot of resources, although it is an effective method for avoiding double spending. … We consider it a challenge for ourselves to conduct a return of various financial resources used in transactions, including those expressed in the crypto currency.

Further in the application the technology which will allow to create tools for identification of users of service by means of a binding to purses of a crypto currency is described.

As an example, the situation is considered when users transfer funds to services that make payments using bank cards (merchants), from exchanges or specialized platforms for turnover of crypto-currencies. In this case, the received assets are saved together with other funds.
Crypto currency, subject to return, will be sent by the merchant back to the address associated with the user’s account. But, according to the rules of the blocking system, the stock exchange first finds out where the funds came from and for what purpose.

To get rid of this problem, Mastercard suggests using a tool with several wallets. The application provides an approximate description of such a tool.

 – The essence of the method is to use a new type of purse – “public”. It will accumulate confirmed shared transactions received or sent from various financial sites. Then the solution to the problem of the return of the crypto currency will be possible. Since the funds transferred from this purse in the crypto currency, you can return an equivalent amount.

Details of this principle will still be worked out.

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