PayPal Modular Payment System Will Support Bitcoin

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Paypal has filed a patent for a modular payment system. Although it seems to indicate this will be a hardware device of some sort, there is also a mention of using a virtual currency wallet system.

Every time a company files a patent for some new form of payment technology, there seems to a buzz of excitement in the air. In the case of PayPal, their patent application revolved around a modular payment system, which offers some interesting traits.

The PayPal Modular Payment System Patent

It seems pretty evident Paypal will be building a new hardware solution to accept and complete payments. Part of their modular payment system revolves around a chassis, which contains a connector to the device itself. On the software side, there will be a database of some sorts to record funding source and security information.

There will also be a payment module in the chassis, to determine if the modular payment system is set up correctly. A payment module will verify if the device identifying information matches authorized devices base don the security information provided.In a way, this seems to indicate PayPal is building a hardware wallet of some sorts, which is designed to

Read more ... source: NewsBTC USA

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