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Tuesday, January 14, 2014

eBay files prepaid wallet patent

E-commerce giant eBay Inc. filed a patent for a prepaid wallet designed to spur impulse buying and increase check-out conversion rates. As reported on VerticalNews.com, the patent addresses the habit of web shoppers surfing online products and allows them to pay for those products before they surf away to other products or websites.

From the patent application, via VerticalNews:

"Buyers have gained access to products for sale during a wide range of time periods and locations, which adds a pressure to make payment methods available to buyers at the time of purchase selection. In many instances, buyers may not be able to instantly provide payment for a selected product, while still interested in the purchase. In those situations, state-of-the-art systems typically release the selected product from the buyer and the sale opportunity is essentially lost.

"What is needed is an alternative method of payment for online commerce that is flexible and increases a sales opportunity for the buyer and the merchant."

According to VerticalNews, the patent was filed June 18, 2012, but was only made available online on Dec. 26, 2013. end of article

Editor's Note:

The Green Sheet Inc. is now a proud affiliate of Bankcard Life, a premier community that provides industry-leading training and resources for payment professionals. Click here for more information.

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