Digital payments firm SKUx has secured two patents from the U.S. Patent and Trademark Office (USPTO) for item-level payments processing technology. The company aims to enhance its payment solutions with these patents, thereby improving the consumer experience and product-level promotions.
The first patent, no. 11,288,697, focuses on item-level promotional offers and payments. This allows SKUx to develop a solution that enables payments without the need for a merchant’s PoS system to perform adjudication. Adjudication is the process where the system communicates with external parties to validate the eligibility of a purchase transaction. This process has seen significant growth in recent years, particularly in the health benefits market, which reached $200 billion in 2023.
The second patent, no. 11,615,435, targets coupons and gift cards. It enables SKUx to create solutions that allow real-time integration into a customer relationship management (CRM) system. With this patent, SKUx can offer solutions that provide “real-time tracking of the issuance, redemption, and corresponding insights gained,” enhancing the customer experience, especially for consumer package goods rebates. The volume in this sector is projected to reach $1 billion by 2026.
The acquisition of these patents comes at a time when the demand for improved item-level payment processes is increasing due to the shift towards mobile payments and digital wallets. This shift towards Web3 and digital asset payments, as well as real-time digital payments, makes SKUx’s patents particularly relevant.
Guy Berg, the Senior Vice President of the SKUPay Network, views the patents as a commitment to providing the best digital payments technology. He stated, “These and several pending patents demonstrate our commitment to developing digital payment innovations benefiting merchants and their valued partners. Merchants don’t want to share basket information with third parties, and we’re excited to provide a solution that eliminates that need and simultaneously lowers their acceptance costs.”
SKUx is among the many startups building their solutions on Hedera, a proof-of-stake blockchain network that counts Google, IBM, L.G., and Ubisoft among the members of its governing council. Recently, NoviqTech, an Australian A.I. company that also builds on Hedera, was awarded the Google Cloud Ready — Sustainability designation in the Google Cloud Partner Advantage Program.
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This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | North America |
| Countries | 🇺🇸 🇦🇺 |
| Sentiment | positive |
| Relevance Score | 1 |
| People | Guy Berg |
| Companies | Hedera, SKUPay Network, U.S. Patent and Trademark Office, SKUx, NoviqTech |
| Currencies | Hedera |
| Securities | None |
