- SKUx has been granted two U.S. patents for their innovative item-level payment processing technology, utilizing the Hedera network and zero-knowledge proofs (ZK-proofs).
- The technology aims to enhance customer experiences and mitigate payment fraud while preserving privacy and reducing costs for merchants.
Innovating the Payment Processing Landscape
Digital payments firm SKUx has announced a significant advancement in payment processing technology with the grant of two U.S. patents, marking a pivotal step in their journey to revolutionize the industry.
Digital payments firm SKUx has today announced that they have been awarded two new U.S. patents for #payments processing technology – utilizing the #Hedera network and ZK-proofs to enhance the customer experience and mitigate payment fraud.
— Hedera (@hedera) January 9, 2024
SKUx’s Patented Technology and Its Impact
The patents, numbered 11,288,697 (‘697 patent) and 11,615,435 (‘435 patent), are at the forefront of SKUx’s initiative to transform how merchants handle item-level payments and promotions.
- ‘697 Patent: This patent covers the technology enabling item-level promotional offers and payments without requiring external communication from a merchant’s point-of-sale system. This capability is particularly relevant in markets like the U.S. healthy benefits market, which demands accurate item-level adjudication at the point of sale.
- ‘435 Patent: Focused on integrating real-time promotional offers into customer relationship management systems. This patent facilitates the issuance and redemption of coupons, gift cards, and similar offers, allowing for serialized, trackable promotions. This serialization is critical for gaining insights and improving customer engagement, particularly in consumer package goods rebates.
SKUx’s SKUPay® platform, which embodies these patented technologies, empowers merchants with tools for enhancing consumer experiences and product-level promotions. By leveraging first-party data, offer serialization, mobile delivery, and distributed ledger technology, SKUx provides a comprehensive solution for modern merchant payment needs.
Enhancing Security and Privacy in Digital Payments
A standout feature of SKUx’s technology is the integration with the Hedera Hashgraph network, which brings robustness and efficiency to the digital payment process. Combined with zero-knowledge proofs (ZKPs), SKUx’s solution offers an additional layer of security, effectively mitigating payment fraud while maintaining consumer privacy.
Anticipating the Future of Retail and Payments
SKUx’s innovation addresses the critical need for an improved merchant item-level payment acceptance process in a rapidly evolving retail environment. As the market shifts towards real-time payments and Web3 technologies, SKUx’s solution positions itself as a key player in shaping the future of digital payments.
Senior Vice President Guy Berg emphasized the benefits to merchants, particularly in maintaining privacy and lowering acceptance costs. This technological breakthrough is set to reshape the landscape of digital payments, offering a secure, private, and cost-effective alternative for merchants and consumers alike.
The award of these patents to SKUx underscores the company’s commitment to developing cutting-edge digital payment solutions. As the retail and payment sectors continue to evolve, SKUx’s innovative approach, backed by advanced technologies like the Hedera network and ZK-proofs, is poised to lead the way in transforming how businesses and consumers engage in the digital economy.