Radpay Announces Publication of First Patent for Blockchain Payment & Loyalty Platform
Merchant-Focused Solution Securely Unites Distributed Ledger Technology With Personal Devices and POS Systems
Radpay, a technology company employing blockchain and digital wallets to modernize payments, announced the publication of its first patent by the U.S. Patent and Trademark Office on a blockchain-based secure payment system. Radpay’s innovations uniquely integrate PCI-compliant payments with Ethereum Plasma, digital wallets, loyalty rewards, and analytics to increase merchants’ net margins by 40 percent to 200 percent—depending on the type of merchant.
“We see an opportunity to serve merchants given their needs are shifting faster than existing industry solutions can keep pace”
“We see an opportunity to serve merchants given their needs are shifting faster than existing industry solutions can keep pace,” said Dana Love, PhD, co-founder and CEO at Radpay. “As payment processing rates keep climbing and merchant satisfaction keeps falling, a radical reinvention of payment ecosystems is due. Radpay brings that reinvention.”
Radpay’s patent includes 26 novel claims detailing ways in which blockchain, banking systems, digital wallets, and merchant payment services work together in the company’s Digital Payment Guardian (DPG). The DPG not only reduces the risk of fraudulent transactions, but dramatically reduces the processing costs of e-commerce, mobile, and retail payment transactions. By removing friction from the purchase process, Radpay can lower cart abandonment for online purchases while also bringing increased analytics and rewards capabilities to merchants. The patent is viewable in the U.S. Patent & Trademark Office database under application 16/503,177.
“Merchants have long sought out ways of reducing fees charged by payment networks,” notes Olga Kharif in a recent article on Walmart’s cryptocurrency strategy. “Companies are looking at issuing digital coins instead of loyalty points, or at using tokens to facilitate transactions that are faster and cheaper than current payment systems.”
Radpay’s cloud-based merchant payment platform is hosted on Amazon Web Services (AWS), with several early adopters signed to deploy its technology beginning next month. The company’s go-to-market strategy starts with e-commerce payments and quickly expands to include card-present transactions for mobile, restaurant, retail, and even international payments.