JPMorgan Patents Payment System Similar to Bitcoin

Could there be a new cryptocurrency rival?

JPMorgan Chase has patented a digital payment system that could rival Bitcoin.

The system includes digital wallets, the ability to transfer money to anyone and anonymity too, according to a patent application filed to the U.S. Patent and Trade Office on Aug. 5. A blog on Let's Talk Bitcoin first reported the story.

JPMorgan has also patented payment software that would latch onto your Internet browser and allow you to shop without pausing to fill out forms with personal financial information. And with what the bank calls its Internet Pay Anyone Account, moving funds would be anonymous and as easy as sending an email.