Mastercard, One of the largest financial services companies has launched its own foray into the crypto trademark ring. Mastercard filed a number of applications associated with virtual worlds, cryptocurrencies, and more.
Aside from multimedia and marketplaces for digital goods, Mastercard filed 15 patent applications with an April 7 filing date that cover e-commerce, payment processing and payment transaction processing software.
As these applications are filed on a 1b basis, this indicates that the company intends to implement them in the near future. However, it’s unclear when this will happen and how the company intends to utilize them. Contrary to 1A applications, which are for proof of “actual use”, a 1B application does not require the trademark to be used or evidence that the trademark has been used in the past. To secure trademark protection, an applicant must instead demonstrate “bonafide intent” to use the trademark at a later date.
It comes as no surprise that big payments companies like Mastercard and others are investing in the crypto industry. Visa was one of the first companies to move into the crypto ecosystem; it added crypto staff to its team and purchased a CryptoPunk last summer.
In addition, American Express filed for an identical trademark with Mastercard last month for “downloadable computer software” designed to facilitate the transfer of virtual payment cards to electronic mobile wallets, among other business activities.
A patent application from Visa was originally filed back in 2020 in order to develop a digital currency that would be available on the Visa network. Currently Visa is developing its own native digital currency for its network. There are seven different applications that American Express has come up with, at the moment. These applications include branding with virtual payment cards, concierge services in the metaverse, and accepting American Express cards in the NFT marketplace.
These credit card companies have taken several initiatives to remain competitive within the virtual economy in addition to their corporate responsibility initiatives. Visa also launched its own Creator Program to mentor entrepreneurs about NFTs as part of its next tier of products to help them grow their small businesses. Mastercard created a three-month program called Start Path Crypto to help blockchain and crypto startups scale their businesses.
