Days ago, the world’s largest payment processing company filed a patent application with the United States Patent and Trademark Office (USPTO).
Regardless of the current trends that the crypto market has been going through throughout the months of 2022, the news regarding new adoption cases and new players in this field is growing day by day.
In this case, financial services company VISA is trending for its dual patent filings with the U.S. Patent and Trademark Office. One application is aimed at the development of a proprietary platform in the metaverse, and the other for the creation of digital payment applications with cryptocurrencies.
On October 22, both applications were filed with the USPTO, with application numbers 97643605 and 97643607, by which VISA demonstrates its intention to become more and more involved in web3.0, its goal to enable cryptocurrency payments, and also NFT trading through a proprietary platform.
Patent and trademark attorney Mike Kondoudis, made a post on his Twitter profile, commenting more details about the application. Within the two applications, the financial services company has plans for digital, virtual and cryptoasset transaction management, digital currency and cryptocurrency wallet, NFT and virtual goods, providing virtual environments across the metaverse, and more.
VISA FOLLOWS IN THE FOOTSTEPS OF PAYPAL AND JP MORGAN
In addition to the objectives outlined above, the company also seeks to develop identity verification programs and web accounts3 , a strategy similar to what JP Morgan is doing.
With the filing of these applications, we can see that VISA is following the steps taken by PAYPAL, by wanting to develop its own virtual ecosystem in the metaverse, as well as to create its own tools to achieve virtual payments, as well as to allow the trading of non-fungible tokens on its own platform. A few days ago, PAYPAL filed three patent applications to achieve objectives very similar to those of VISA.
VISA LOYALTY PROGRAM ON WEB3.0
On the other hand, along with the submission of the aforementioned applications, VISA also stated that it aims to develop a Digital Audit software for Cryptocurrencies, and even digital assets for its customers, among other blockchain tools, in addition to various products aimed at customer retention.
In this way, we can consider it as a loyalty program designed from the company, and intended for customers, in which they offer rewards to users through blockchain technology, to meet the previously stated objective, which would be customer retention.
VISA TOKEN SERVICE, THE PROPRIETARY PLATFORM
The financial services company mentioned that in August its token creation platform VISA TOKEN SERVICE, managed to create more than 4 billion tokens. With this figure, they have even managed to surpass the total number of VISA cards in circulation.
This service has managed to double the amount of tokens issued in the world in 1 year, demonstrating that blockchain is being adopted in places all over the world and that it also provides solutions for many of life’s issues.
On the other hand, Jack Forestell, who holds the position of Executive Vice President and CPO at Visa, argues that tokenization is a concept that VISA has pioneered, whereby one of the main objectives it brings us is the preservation and reduction of confidential payment data, and thus achieve fraud prevention, thus making digital payments more secure. The rise of issuers, merchants and users confirms that the future of money is digital, and is based on trust. All this is possible thanks to blockchain technology.
Written by Luciano Garriga (TW:@luchogarriga) for NFT Express