Intuit registers crypto payment processing via text message

Posted 10 August, 2018

Intuit, the software developer from California, has reportedly got a patent for processing of bitcoin transactions via text messages.

According to the document released by the U.S Patent and Trademark Office, the technology represents the system of virtual accounts with two users being able to process transactions via mobile phones. 

The patent application was filed back in 2014, just after the launch of QuickBooks Bitcoin Payments. The latter enables small companies to receive money transfers in cryptos.

"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 of a payee..." the patent document reads.

This message can be validated in several ways – password request from the user's account and automated service call on the mobile phone. Specifically, the call confirms the procedure and that the message is not sent by mistake and not a spam.

The authority took a long time to consider the application, but the company keeps developing payment services for the crypto market anyway. For reference, it has entered into an agreement with Veem for international payments in digital coins.

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