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Intuit Awarded New Patent That Allows Bitcoin Payments To Be Done Over Text Messages

August 09, 2018 10:47
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The use of Bitcoin in everyday life continues to get easier and easier with every passing day, thanks to innovative ways being devised by startups and established companies both. There was a time when private addresses were required to be shared for transferring Bitcoins. Then came crypto debit cards and POS terminals, which simplified this process drastically. Now finally a new patent awarded to Intuit has the potential to make this process even easier… as easy as sending a text message from our phones!

That’s right – financial software maker Intuit has recently been awarded a new patent by US Patents and Trademark Office (US PTO) that allows Bitcoin payments to be done over text messages. The patent was filed by California based company way back in 2014 when it had launched its own Bitcoin payment processing service for small businesses. It says:

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“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.”

The validation of payments in this new method will be done in a number of different ways. One of the methods revolves around sending a password request associated with account of the user to process the payment. Another method also takes a voicemail into account for further validation and would require sending a phone call that will be automatically disconnected by the payments service without answering. Such unanswered voice calls, according to patent, would allow confirmation of all credible payment texts and would help filter the spam calls and random messages being sent by some hijacked machine.

Intuit has been looking for ways to provide convenient Bitcoin payment processing services for quite some time. When it launched QuickBooks in 2014 it had also started working on its own payments platform that would later go on to include Bitcoin payment processing features. Most recently it partnered with crypto payments provider startup Veem to allow truly global cryptocurrency payments through its platform.

It will be interesting to see whether this feature is implemented by Intuit into its payments platform or not. And if yes, then how long it takes for the company to do so. In future we may also see a number of other Bitcoin friendly features being rolled out by the company, and when that happens we’ll let you know for sure.

Technology and business were my core interests, so it wasn't surprising that I got interested in cryptocurrencies, which operate at the intersection of both these things. Now I live my passion by trading cryptocurrencies and covering Cryptocurrency news. You can connect with me on Facebook to learn more about me. :)

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