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Saturday, August 18, 2018
Intuit Awarded Patent For Processing Bitcoin Payments Via SMS
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Intuit Awarded Patent For Processing Bitcoin Payments Via SMS

Intuit, a United States software giant has been awarded a payment for processing Bitcoin payments through text messages ( SMS ) according to the filing published by the U.S. Patents and Trademark Office.

The patent outlines a system through which users can transfer Bitcoin funds by sending an SMS through their mobile phone. This patent was originally filed in 2014 which was the same year Intuit’s Quickbooks (a DIY tax solution) partnered up with BitPay for a PayByCoin service for clients to pay their invoices in Bitcoin.

The patent outlines,

The invention […] 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 of a payee, validating the payment text message based at least on a payer balance of a virtual payer account maintained by the payment service for the payer.

The patent further describes the relationship between virtual accounts created for running the system as well as different approaches towards validating transactions. One of these methods will be ‘receiving an unanswered voice call within a specified time period’ after a text message which will then be matched to the identifier/owner of the mobile device that is gathered from that text message.

Another method will be a password system managed using SMS and virtual accounts associated with each mobile device identifier.

Using mobile phones directly in association with crypto transactions has been explored for several years. It is often considered as the key to bringing financial inclusion through cryptocurrency to unbanked users in countries where access to the internet and/or computers is limited and therefore limits people’s ability to participate in crypto transactions.

Along these lines, HTC, a mobile giant has announced that it will launch a smartphone enabled with a native crypto wallet and support for CryptoKitties, an ethereum based dApp game.

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Pallavi Janiani

Pallavi Janiani

Content Writer
I am studying Business and psychology at the university of Minnesota. Apart from learning about how the economy and the human mind works, I spend my time dancing with my bollywood fusion team, reading, writing, traveling, usually with a cup of coffee in my hand.