New Patent Gives Hope to Cryptocurrency Retail Payments

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New Patent Gives Hope to Cryptocurrency Retail Payments

An interesting patent secured by a major innovator in the field of merchant payment processing should be of great interest to cryptocurrency investors. Square, the tech startup founded by one of Twitter’s core developers, has been granted a patent to develop a payment system that will allow business owners to easily accept Bitcoin and other digital currencies. Square is one of the most popular and respected merchant processing firms in the United States, which means that successful deployment of a cryptocurrency retail payments system by this company will very likely result in greater adoption and circulation.

According to a statement by the company, the Square digital currency system will run on a dedicated blockchain that will integrate with traditional merchant processing practices such as authorizing credit and debit card payments as well as clearing transactions and delivering cash to merchants. As a financial technology firm, the history of Square dates back to 2009, when it introduced a small credit card reader that could be attached to an iPhone; the idea was to enable small business owners, freelancers, and micro companies to accept credit card payments on the go.

Digital Currency & Payment Systems Like Square

Over the years, Square has grown into a financial ecosystem for small business owners; aside from being able to accept card payments, the company also offers point-of-sale systems, an e-commerce platform, and a digital wallet. By adding digital currencies to its product catalog, Square aims to establish itself as a market leader in the financial technology sector.

While any small business owner can currently accept Bitcoin payments by simply setting up an online or software cryptocurrency wallet, Square wants to make the process even simpler; the goal is to entice consumers to acquire digital currency through the Square Cash app, which can, in turn, be used to make retail payments. The advantage for merchants is that they do not have to worry about converting their digital currency revenue into dollars since Square will take care of this process.

Square has plenty of clout in the digital payments sector; a few years after the company’s launch, Starbucks chose it as one of its preferred merchant processors. Ironically, the coffee giant is currently funding a cryptocurrency payments system that will complete directly against Square. All this competition is great news for the future of cryptocurrencies because retail acceptance and widespread circulation are the missing parts of the success puzzle for Bitcoin and its rival digital tokens.

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