Native cryptocurrency payment system
AssigneeThirdwayv, Inc.
InventorsMichael Atef Ayoub, Nabil Wasily
Life of this patent
Estimating the term…
Abstract
A cryptocurrency payment system facilitates electronic transactions at point of sale terminals using cryptocurrency. A payment card may include a secure element to sign a cryptocurrency transaction at a point of sale device. A server may interact with the point of sale terminal and a blockchain to initiate a smart contract or other mechanism for transferring control of cryptocurrency from a buyer cryptocurrency wallet to a seller cryptocurrency wallet. Upon successful transfer, the server may provide an indication of transaction approval to the point of sale terminal. In this manner, cryptocurrency may be utilized for transactions at point of sale devices in a manner similar to conventional payment cards.
Claims20
A cryptocurrency payment system for point of sale payments comprising:
- a payment card comprising a secure element integrated circuit chip physically in or on the payment card, the secure element integrated circuit chip configured to cryptographically sign transactions associated with a payor cryptocurrency wallet account;
- and
- a point of sale payment card terminal connected to a first electronic network and electronically connectable to the secure element integrated circuit chip through at least one wired or wireless connection,
- wherein the first electronic network further connects to a blockchain associated with the payor cryptocurrency wallet account, and
- wherein the point of sale payment card terminal receives a cryptographically signed transaction from the payment card and publishes the cryptographically signed transaction to the blockchain to transfer funds from the payor cryptocurrency wallet account to a payee cryptocurrency wallet account identified in the cryptographically signed transaction.
A method of cryptocurrency payment by a point of sale payment system, the method comprising:
- electronically connecting a point of sale payment card terminal to a secure element integrated circuit chip of a payment card;
- receiving, by the point of sale payment card terminal, a cryptographically signed transaction associated with a payor cryptocurrency wallet account from the secure element integrated circuit chip of the payment card;
- and
- transmitting, by the point of sale payment card terminal, the cryptographically signed transaction over a first electronic network connecting to a blockchain associated with the payor cryptocurrency wallet account.
A method of cryptocurrency payment by a server associated with a point of sale payment system, the method comprising:
- receiving, by the server, a cryptographically signed transaction, from a combination of a secure element integrated circuit chip of a payment card and a point of sale payment card terminal connected to the payment card;
- verifying, by the server and using a transaction database of the server, an authenticity of a signature of the cryptographically signed transaction and an account balance of a payor cryptocurrency account associated with the payment card is greater than or equal to a transaction amount of the cryptographically signed transaction;
- in response to the verification indicating that the signature is authentic and the account balance is greater than or equal to the transaction amount:
- transmitting, by the server, a payment approval message to the point of sale payment card terminal;
- and
- transmitting, by the server, a call to a smart contract associated with a blockchain instructing the smart contract to record on the blockchain data corresponding to the cryptographically signed transaction.
A cryptocurrency payment system for point of sale payments comprising:
- a smartphone application having a private key to cryptographically sign transactions associated with a payor cryptocurrency wallet account;
- and
- a point of sale payment card terminal connected to a first electronic network and electronically connectable to the smartphone application through at least one wired or wireless connection,
- wherein the first electronic network further connects to a blockchain associated with the payor cryptocurrency wallet account, and
- wherein the point of sale payment card terminal receives a cryptographically signed transaction from the smartphone application and publishes the cryptographically signed transaction to the blockchain to transfer funds from the payor cryptocurrency wallet account to a payee cryptocurrency wallet account identified in the cryptographically signed transaction.
Dependencies are inferred from the claim text.