Crunchfish patents inclusive payments with privacy and interoperability using Digital Cash
STOCKHOLM, Nov. 17, 2021 /PRNewswire/ -- Crunchfish is a digital payments pioneer focusing on Digital Cash. This patent application extends the scope of Digital Cash from offline to online usage, providing commercial e-wallets and CBDC implementations with easier onboarding, improved payment integrity and interoperability.
Digital Cash is an extremely flexible digital payment service that complements any payment service with a two-stage payment process; first instant verification of the Digital Cash payment from reserved funds and then settlement where the payment service moves money between accounts.
Digital Cash replicates paying with cash in digital form. Crunchfish has focused on offline payments, as cash does not require online access. However, cash is also an inclusive means of payment where the receiver does not have to prepare to be able to accept it. By verification online it is possible for users to receive Digital Cash securely even if they are not yet onboarded. Privacy is supported if users are allowed to be anonymous within set limits.
Improved payment integrity
"There are tremendous benefits using Digital Cash with online access. Instant verification made possible by Digital Cash' two-step payment process, adds value to complex open-loop payments that may experience response delays at the moment-of-payment, e.g. payments involving open banking, international remittances and CBDC. Easier onboarding and interoperability are beneficial for many payment service providers and most CBDC implementations have privacy as a key requirement.
This innovation is strategically very important for Crunchfish as it makes Digital Cash more versatile and valuable. It will be faster to roll-out as it does not require any local app installations. Users wishing to pay or verify payments without online access may download compatible Digital Cash applications for offline payments" says Joachim Samuelsson, CEO of Crunchfish.
For more information, please contact:
Erik Berggren, IR Manager
This information is such information that Crunchfish AB is obliged to publish in accordance with the EU Market Abuse Regulation. The information was provided for publication by the contact person above, on 18 November 2021 at 00:01 CET.
Västra Hamnen Corporate Finance AB is the Certified Adviser. Email: [email protected]. Telephone +46 40 200 250.
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