Intuit Awarded Patent for Processing BTC Payment via Text Messages

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Intuit, a California-based software company, has scored a patent for processing bitcoin payments with a text message.

The patent, issued on Tuesday by the U.S. Patent and Trademark Office (USPTO), details of how a system of virtual accounts could allow two users to transfer funds using mobile phones. The firm first filed the patent in 2014 soon after it launched its QuickBooks Bitcoin Payment service, bitcoin transaction processors which small businesses could use to acknowledge bitcoin in place of fiat currencies.

The application says:

“The invention relates to a means for processing payment. The method comprises receiving, by a payment service from a payer mobile device of a payer, a payment text message comprising a payment amount and an identifier of a payee mobile device.”

It goes on to describe that validation of a payment text message would be done in many different ways.

One requires sending through “a password request linked with an account of the user” to process payment. Another takes into account the use of voicemail as further validation by sending through “a voice phone call that is automatically disconnected by the payment service without answering.”

Such unanswered voice calls would act as an affirmation of all credible payment texts intended at distinguishing from the possible threat of “random message or spam message sent by a machine.”

Garry Singh

Garry is an experienced entrepreneur, and co-founder of a UK based technology company Quickdesk Solution Ltd., with a demonstrated history of working in the information technology and customer services industry. Skilled in technical writing, he is a strong business development professional with a Bachelor's Degree focused in Information Technology and Masters in Business Administration.