Intuit wins patent for processing Bitcoin payments with text messages

posted 2 months ago
California-based business & financial software company Intuit has been awarded a patent for processing Bitcoin payments via text message. The patent 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.

The validation of a payment text message could be done in a number of different ways, such as through "a password request associated with an account of the user" in order to process payment. Another uses voicemail as further validation. Intuit has long been looking into improving access to Bitcoin payment processors. While it launched QuickBooks in 2014, the company continued developing its payment platform, most recently partnering with payment provider Veem to enable international cryptocurrency payments.
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