The US bank JP Morgan Chase had filed a trademark for a crypto payment processing wallet under the name ‘JP Morgan Wallet’. Filed primarily under Class 35 and 36, the trademark has been approved, and its primary applications include payment reporting and analytics, electronic transfer of virtual currencies for use by members of an online community via a global computer network, credit card processing and foreign currency operations.
The trademark wallet application, made to the U.S. Patent Office, also incorporates providing an internet website portal for financial transactions. The application was under consideration for the last two years.
The official website of the bank lists a page that details the JP Morgan Wallet services with the sub-caption – Real-time Virtual Sub-ledgers. Its main goal is to automate payments without any limits.
The main use cases of the service will be in the e-commerce space, the gig economy or freelancers’ economy and for third party providers, where it will allow for real-time conciliation, scaling, flexibility of payment modes, and running reward and loyalty programs. It should be noted that Bitcoin’s original intent was to create a currency that could be used for micro-payments.
As per the service description, the use of real-time sub-ledgers will allow businesses to “Reconcile payments across multiple currencies and regions with ease.”
The JP Morgan Wallet is described as “Real-time virtual sub-ledgers that help manage and scale any number of customer, supplier and vendor payments in an organized, easy-to-reconcile way.” The wallet offers an API for local and cross-border payments and disbursements, and can be used for managing virtual accounts globally in real time with high scalable features.
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