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January 16, 2020

Radpay’s first patent published on blockchain-based secure payment system

Blockchain payments pioneer startup Radpay has announced the publication of first patent for blockchain payment & loyalty platform.

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 The Payments market has seen drastic changes in the past few years, with this only expected to continue. What does your company need to do to prepare for what’s to come? GlobalData’s Payment Trends for 2022 report explores the key trends in technology, consumer habits, and regulations shaping the market. We also identify the leading companies in this changing market, giving you a competitive market outlook. This report covers the impact of:
  • ESG
  • E-commerce
  • Mobile payments
  • Alternative payment rails (Real-Time Payments, Blockchain, BNPL)
  • Fraud & Cybersecurity
  • Regulations
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The patent published by the US Patent and Trademark Office on a blockchain-based secure payment system integrates distributed ledger technology with personal devices and POS systems.

The company’s platform, which is primarily focused on enhancing merchant profitability, unites payments and rewards with existing banking systems, Ethereum Plasma, and digital wallets.

Radpay’s patent represents 26 novel claims combining blockchain and banking in its digital payment guardian (DPG).

The DPG decreases the risk of fraudulent transactions and also lowers the processing costs of e-commerce, mobile, and retail payment transactions.

Radpay co-founder and CEO Dana Love said: “We see an opportunity to serve merchants given their needs are shifting faster than existing industry solutions can keep pace.

“As payment processing rates keep climbing and merchant satisfaction keeps falling, a radical reinvention of payment ecosystems is due. Radpay brings that reinvention.”

Several early adopters have already agreed to implement Radpay’s cloud-based merchant payment platform, which is hosted on Amazon Web Services.

In September 2019, Radpay announced the development of CryptoClick, a new ecommerce technology to address ecommerce shopping cart abandonment.

CryptoClick follows the launch of Radpay’s SpeedPath solution for upscale retailers and restaurants.

Radpay claims to give merchants a fraud-resistant alternative to the processing rails of Visa, Mastercard, UnionPay, and their payment processors.

Free Report
img

Prepare for changes in the Payments market

 The Payments market has seen drastic changes in the past few years, with this only expected to continue. What does your company need to do to prepare for what’s to come? GlobalData’s Payment Trends for 2022 report explores the key trends in technology, consumer habits, and regulations shaping the market. We also identify the leading companies in this changing market, giving you a competitive market outlook. This report covers the impact of:
  • ESG
  • E-commerce
  • Mobile payments
  • Alternative payment rails (Real-Time Payments, Blockchain, BNPL)
  • Fraud & Cybersecurity
  • Regulations
Download the report now to learn essential strategies to maximize your growth in the face of rapid change.
by GlobalData
Enter your details here to receive your free Report.

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