Intuit Wins Patent For Bitcoin Payment Processing With Text Messages
The U.S. Patent and Trademark Office (USPTO) granted Intuit, a California-based business and financial software company, a patent for a payment processing system. The program allows for the processing of bitcoin payments by text message.
The patent explains how a system of virtual accounts could enable two users to transfer funds using their mobile device.
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.”
The patent identifies that the validation of payment text messages can occur in several ways.
The first method requires the transmission of,
“a password request associated with an account of the user” for payment to process. A second method uses voicemail as additional validation by transmitting “a voice phone call [that] is automatically disconnected by the payment service without answering.” The unanswered voice all then confirms all credible payment text messages, as opposed to a “random message or spam message sent by a machine.”
With this new approach, access to bitcoin payment processing can be much easier.