Kazakhstani FinTech startup receives a patent for a payment system in the US

Kazakh FinTech startup S1lkPay has received a US patent.

The patent covers the creation of a virtual prepaid card linked to the user's account and tokenized for secure exchange with recipients. Through tokenization, users can instantly provide access to funds in their own account to loved ones anywhere in the world and pay for shared purchases.

S1lkPay is a P2P platform for exchanging prepaid cards, where users provide instant access to their funds without actually transferring money.

The US patent will enable the company to enter new markets, obtain regulatory approvals in various countries, and more easily establish new partnerships with local payment services.