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