The payments giant Mastercard is currently exploring the use of public blockchains in order to verify payment cards at the point of sale.
As the public documents show, the new patent application that was filed with the US Patent and Trademark Office (USPTO) and released this Thursday, shows that Mastercard came up with a conveyance and retrieval processes in order to verify users’ payment credentials over a “publicly accessible blockchain”.
The document also explains that the two-way method encodes an image of a payment card first – to later store it on the blockchain after encrypting it with a public and private key. After the retrieval request when a payment is being made, the system will use the provided private keys in order to decrypt the image – so that it can be later verified.
Mastercard will also integrate this system with its point-of-sale devices. That way, the transactions would be secure and the card would not have to be physically presented.
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The users, on the other hand, wouldn’t need to be concerned about their payment credentials being “skimmed” from the payment device.
According to Mastercard’s official statement:
“The transaction may be conducted via the display of a machine-readable code to the point of sale device, which may further prevent skimming as the reading of such a code can be more easily controlled via control of the underlying display; the display can be easily shielded and is often obscured when in a pocket or purse.”
The patent update also revealed another blockchain-related exploration by Mastercard which seeks to build a blockchain and allow consumers to broadcast their travel itineraries and reservation requests to the merchants.
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