Online commerce site eBay’s PayPal has reportedly filed a patent application that hints to a possible launch of its own virtual currency. The patent application proposes secure tokens that would let people buy products without creating a payment provider account. Also Read - D2h recharge offer: Customers can get 50% cash back on paying via PayPal
According to Mashable, the patent filing states that the recipient can use the token to purchase a product using a checkout though the payment provider, but won’t require creating the user’s own payment provider account. Also Read - Google Pay listed as payment option on eBay
The application states that the tokens would be for giving gifts, but in theory, they could serve as a currency that can be used for purchases outside of eBay and PayPal and would be a competitor to Bitcoin, dogecoin and litecoin, among others.
PayPal president David Marcus said that he doesn’t think the proposed token would be used as a currency yet because its pricing fluctuates too much for practical use.