JPMorgan moves in on Bitcoin?

|About: JPMorgan Chase & Co. (JPM)|By:, SA News Editor

The bank this August filed a patent application for a computerized payment system allowing people to make anonymous, electronic payments over the Internet without having to reveal names or account numbers, or pay a fee.

Banks, credit card operators, Google, Apple and PayPal all want a piece of the fast-growing mobile/Internet payments business, but this technology looks to be borrowing at least some aspects of Bitcoin as JPMorgan's (JPM) system involves creating "virtual cash" which would sit in an online wallet.

“While new internet payment mechanisms have been rapidly emerging, consumers and merchants have been happily conducting a growing volume of commerce using basic credit card functionality,” says the bank in its application. "None of the emerging efforts to date have gotten more than a toehold in the market place and momentum continues to build in favor of credit cards.”

Application