RATE Group | Intuit Scores Patent for Processing Bitcoin Payments With Text Messages
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Intuit Scores Patent for Processing Bitcoin Payments With Text Messages

09 Aug Intuit Scores Patent for Processing Bitcoin Payments With Text Messages

Posted at 04:28h in Bitcoin News by

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California-based business and financial software company Intuit has been awarded a patent for processing bitcoin payments via text message.

The patent, published by the U.S Patent and Trademark Office (USPTO) on Tuesday, details how a system of virtual accounts could enable two users to transfer funds using mobile phones. The company first filed the patent in 2014, shortly after it launched its QuickBooks Bitcoin Payments service, a bitcoin transaction processor which small businesses could use to accept bitcoin in lieu of fiat currencies.

As the application states:

“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.”

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

One requires sending through “a password request associated…

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