PayPal Files Patent for Bitcoin Payment Device
PayPal applied for a US patent for a payment device able to process cryptocurrencies including Bitcoin, Litecoin, and Dogecoin.
The international payments processor PayPal has filed a patent application with the United States Patent and Trademark Office (USPTO) for a payment device that will be able to process cryptocurrencies including Bitcoin, Litecoin, and Dogecoin.
Multi-funding source support
All in all, the device will support credit cards, PayPal accounts, and cryptocurrency wallets, with Bitcoin, Litecoin, and Dogecoin already confirmed.
The patent application for the physical device was made on May 26th. According to Softpedia:
“The device is made up of two main modules, a payment module engine and a payment module database. The payment module engine connects to a wireless communication system to ensure connectivity, and also to physical interfaces such as connectors and readers. The payment module database contains two smaller components, one for storing funding source information and one for security information.”
According to the patent application, PayPal plans to integrate the discontinued encryption software, TrueCrypt, into the device to protect users’ credit card and cryptocurrency wallet information.
In addition, Sheet 16 of 19 in the patent would seem to suggest that PayPal will be exploring the world of biometrics with their device, giving the users the option “to access your Bitcoin wallet by providing a thumb scan on your device.” However, a standard 9-dot screen unlock pattern also seems to be available, as outlined Sheet 15.
The full patent application can be viewed below: