"The recipient can use the token to purchase a product using a checkout though the payment provider," the filing reads. "The purchase can be made without requiring the user to create the user's own payment provider account." The filing states that these tokens would be for giving gifts, but in theory, the tokens could serve as a currency that can be used for purchases outside of eBay and PayPal and would be a competitor to Bitcoin, dogecoin and litecoin, among others.

PayPal president David Marcus is a fan of Bitcoin, but has said he doesn't think it is a currency yet because its pricing fluctuates too much for practical use. PayPal reps could not be reached for comment on the patent application.

If eBay is successful in introducing its virtual currency, the company will follow in the footsteps of rival Amazon, which launched Amazon Coins a year ago. Facebook has also dabbled in virtual currency with Facebook Credits, but the company scrapped the idea in June 2012.

Mashable is the largest independent news source covering digital culture, social media and technology.

Follow IT Pro on Twitter