Payment Data Systems receives patent for card-based bill payment system
Payment Data Systems, Inc. (OTC BB:PYDS.OB), an integrated electronic payments solutions provider, announced today that the United States Patent and Trademark Office has issued Patent Number 7,021,530 for the company's technology and method for managing and processing bill payment via a stored-value debit card, check card, signature debit card, PIN based card or automatic teller machine (ATM) card from a variety of access points.
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Louis Hoch, President and COO, gave an overview of the patent by saying, "The patent provides us legal protection for technology and method that links a bill payment and all variations of debit cards. We are very excited about the intellectual property that accrues to Payment Data Systems though this patent. We believe this patent could enhance our valuation and it certainly validates our ability to innovate technology and provide marketplace leadership. We believe the issuance of this Patent will quickly become an industry-changing event."