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.
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.
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. Visit radpay.com for more information on the company’s blockchain payment and loyalty platform.