Intuit Obtains Patent Proposing Bitcoin Payments Processing via Text

The U.S Patent and Trademark Office (USPTO) has granted California-based business and financial software company Intuit a patent proposing a system for processing Bitcoin transactions through text messaging.

Published August 7, the patent application outlines a system of digital accounts that enables funds transferral between users using mobile devices. The patent initially filed in 2014 follows the firm’s launch of its online Bitcoin transaction processor QuickBooks Bitcoin Payments, allowing small businesses to accept Bitcoin tender as an alternative to fiat currencies.

As explained in the patent application:

“The invention relates to a method for processing payment. The method includes 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.”

Detailing the methods of verifying payments via text message, the patent stated that “a password request associated with an account of the user” will be required for processing Bitcoin transactions. Another way in which payments would be validated is through “a voice phone call [that] is automatically disconnected by the payment service without answering.”

The automated voice call would serve as verification of all payment texts to minimize the risk of “random message or spam message sent by a machine.”

For a long time, Intuit has been exploring a number of solutions that would provide a more convenient access to payment processors for Bitcoin. Even after launching Quickbooks Bitcoin Payments over four years ago, the firm still continuously improves on its payments processor. In 2017, Intuit has also collaborated with payments provider Veem to develop a system for cross-border crypto payments.