PayPal applies for patent for its Bitcoin transaction device (download the full patent report)

International payment platform PayPal has applied for a patent from the United States Patent and Trademark Office (USPTO) (download the full patent report). This patent is for a payment device that is primarily used to process cryptocurrency transactions (Bitcoin, Litecoin, and Dogecoin).

Support multiple funding sources

The payment device supports credit cards, PayPal accounts, and cryptocurrency wallets (currently only Bitcoin, Litecoin, and Dogecoin).

The device consists of two main modules: a payment module device and a payment module database . The payment module device is connected to a wireless communication system and physical interfaces (such as connectors and readers). The payment module database consists of two parts, one for storing the source of funds information and the other for storing encrypted data.

Biometric security system

PayPal’s device plans to use encryption software TrueCrypt to protect users’ credit card and cryptocurrency wallet information, according to its patent application.

In addition, the patent application also mentioned that this device will also adopt a biometric security system. When using a Bitcoin wallet, users can choose to log in with a fingerprint or a nine-key unlock mode.