Mastercard is developing a cryptocurrency refund service

The international payment system MasterCard has declared its goal to patent the cryptocurrency refund solution, tells Cointelegraph. The application on this matter has already been sent to US Patent and Trademark Office (USPTO), in this paper the project is titled “Information Transaction Infrastructure“.

The application was sent on behalf of Mastercard International Inc., the inventor being Vladimir Goloshuk, at the time of the application registration he was the Mastercard senior analyst.

The company specifically points out the resource drain that follows the verification process of cryptocurrency wallet holders. Despite the DLT efficiency in double payment prevention, this factor reduces the amount of transactions in comparison with centralized systems. The key point of the new service, Mastercard tells, is the opportunity to get all pros of centralized e-money systems while dealing with cryptocurrency, including one of the most important ones – the refund function.

The implementation of this technology will be undertaken in a special infrastructure. It will verify the users’ identities via digital wallet linking. The users will be able to register two types of wallets, one of them – public – will be for sending and receiving transactions from different services and will have the refund option.