Intuit is a California-based business and financial software company and has been awarded a patent for processing bitcoin payments with text message.
Shortly after the launch of its QuickBooks Bitcoin Payments service, a bitcoin transaction processor which small businesses could use to accept bitcoin in lieu of fiat currencies, Intuit filed the patent in 2014.
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 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 two different ways.
1. Through “a password request associated with an account of the user” in order to process payment.
2. The use of voicemail: through “a voice phone call [that] is automatically disconnected by the payment service without answering.”
The company has long been looking into improving access to bitcoin payment processors. And this certainly is s big move.