It has emerged that Chase amended a US patent application to cover an anonymous e-payment system in 2003, long before the rise of Bitcoin.

According to the patent application, last updated in August 2013, Chase’s system would allow users to make free, anonymous, online payments.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

An addition to a pre-existing application, first filed in 2000, described the system as follows: "A computer-implemented method of providing an anonymous payment from a mobile device to a payee device to enable an electronic payment between a payer and a payee without provision of an account number or name from the payer."

Chase also wrote that the system is intended to compete with and eventually supersede credit and debit card payments as the dominant method of paying for online purchases.

In the most recent amendments to the application the bank made reference to new entrants into the payments market.

It wrote: "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.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

"None of the emerging efforts to date have gotten more than a toehold in the market place and momentum continues to build in favour of credit cards."

Chase declined to comment on whether the system, if ever implemented, would be rolled out internationally or only in the US.

 

Related articles:

Swiss Parliament will vote on proposals to treat Bitcoin as a foreign currency

Chinese regulator bans Bitcoin transactions

Neo Easycoin launches range of Bitcoin shops