California developer of financial software Intuit received a patent for the technology of bitcoin-transaction transmission using text messages, CoinDesk reports.
A document published by the US Patent and Trademark Office describes a virtual account system in which two users can transfer transactions using mobile phones. The company applied for a patent in 2014, shortly after the launch of the QuickBooks Bitcoin Payments service, which allows small companies to receive money transfers in a cryptocurrency.
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.
Intuit Patent Filling
There are several ways to validate such a message. One of them requires sending a "password request associated with the user account".
The other uses a "phone call that is automatically reset by the payment service". Such a call serves as confirmation of the intent of the sender and makes it possible to make sure that "the message was not transmitted by mistake and is not spam sent by the device".
Despite the long consideration of the patent application, Intuit continues to develop its payment solutions for the cryptocurrency industry. Earlier, it entered into an agreement with Veem to improve international cryptocurrency payments.