14 Years Ago JP Morgan Patented Bitcoin-Like Payment System

Susanne PoselOccupy CorporatismDecember 11, 2013

Denis O’Leary, on behalf of JPMorgan Chase Bank, has filed a patent for a Bitcoin-like payment system that will allow customers to use a digital wallet and transfer funds to anyone anonymously.

This patent is a renewal of the original filed in 1999; 14 years ago.

This means that the patent pre-dates the surge in Bitcoin and the inception of cryptocurrencies.

The JPM Internet Pay Anyone Account (IPAA) moves money anonymously “with the recipient of the credit having no way to determine from where the credit originated.”

The transfer of money is done without processing fees and would replace wire transfer corporations such as Western Union.

The application states: “While new Internet payment mechanisms have been rapidly emerging, consumers and merchants have been happily conducting a growing volume of commerce using basic credit card functionality. None of the emerging efforts to date have gotten more than a toehold in the market place and momentum continues to build in favor of credit cards.”

Last November, Ben Bernanke, chairman of the Fed said that virtual currencies “may hold long-term promise, particularly if the innovations promote a faster, more secure and more efficient payment system.”

Earlier this month, Bank of America (BoA) Merrill Lynch experts stated that “as a medium of exchange, Bitcoin has clear potential for growth.”

Bitcoin has been referred to as a pump and dump scheme by media to deter from its growing popularity.

Three weeks ago, Coin was unveiled carry on the move toward crypto currenciesCoin appears to be a credit/debit card, but this device is a mobile payment system that unites “several different methods of payment into a single device.”

Kanishk Parashar, chief executive officer of Coin explained that “there was no need for a card or wallet, but we didn’t see payments going through the system.”

Coin utilizes a magnetic strip reader (MSR) attached to a smartphone; while allowing users to press a button on the Coin card to access which account they wish to use for payment.

The Coin card can then be swiped.

Parashar said: “This is designed for the lifestyle of today with the technology of tomorrow.”

This black card has a digital screen that can store information from customer loyalty cards, debit cards and work expense cards to replace the current wallet of average Americans.

Users take a picture of their card and swipe the Coin card to allow them to purchase items.

Parashar hopes that the Coin card would soon be able to email the user if it is lost and disable itself should it be stolen.

The developer said: “What we really needed was a single solution that let people interact with what exists and fits with your lifestyle.”