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Cryptocurrency: Industrial Applications
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Application US20200034869
Published 2020-01-30
Cryptocurrency Loyalty Program Based On Transactional Data
Introduced here are computer programs and associated computer-implemented techniques for purchasing, selling, and/or transferring cryptocurrency to be disbursed as a reward for using a specialized payment card. The technology allows cardholders to receive cryptocurrency for completing transactions with specialized payment cards without requiring the card-issuing financial institution directly issue the cryptocurrency.
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- 1. A computer-implemented method comprising:
receiving, by a processor via a first application programming interface (API), data related to transactions completed by an individual using a specialized payment card over a period of time; determining, by the processor, a value of transactions that satisfy an eligibility criterion; calculating, by the processor, a reward due to the individual based on the value of the transactions that satisfy the eligibility criterion; identifying, by the processor, a profile associated with the individual,
wherein the profile identifies (i) the specialized payment card, (ii) a cryptocurrency, and (iii) a first digital wallet hosted on an exchange; and
identifying, by the processor, a second digital wallet having sufficient assets to disburse the reward; sending, by the processor via a second application programming interface (API), an instruction to the exchange to transfer an amount of the cryptocurrency from the second digital wallet to the first digital wallet as the reward; verifying, by the processor, that the cryptocurrency has been transferred by completing a call to the exchange through the second API; indicating, by the processor, in the profile that the transfer was completed successfully upon receiving an acknowledgement from the exchange in response to the call; and completing, by the processor, a purchase of the cryptocurrency to replace the amount transferred to the first digital wallet.
- 5. A non-transitory computer-readable medium with instructions stored thereon that, when executed by a processor, cause the processor to perform operations comprising:
receiving, via a first application programming interface (API), data related to transactions completed by a cardholder using a payment card over a period of time; determining a value of transactions that satisfy an eligibility criterion; calculating a reward due to the cardholder based on (i) the value and (ii) a rewards criterion; identifying a profile created by the cardholder during a registration procedure,
wherein the profile identifies (i) the payment card, (ii) a cryptocurrency, and (iii) a cardholder wallet hosted on an exchange; and
sending, via a second application programming interface (API), an instruction to the exchange to transfer an amount of the cryptocurrency to the cardholder wallet as the reward.
- 13. A computer-implemented method comprising:
identifying transactions completed by a cardholder using a given payment card by examining data acquired from a payment processor responsible for facilitating the transactions; calculating a reward due to the cardholder for using the given payment card based on a total value of the transactions; and causing cryptocurrency to be transferred to a cardholder wallet associated with the cardholder as the reward.
