Intuit Secures Patent for Processing Bitcoin Payments Via Text Messaging

California-based business and financial software firm Intuit has been granted a patent for preparing bitcoin installments by means of instant message.

The patent, issued by the U.S Patent and Trademark Office (USPTO) on Tuesday, relates to the technology that makes it possible for virtual records to empower two clients to exchange funds using cell phones. The organization initially recorded the patent in 2014, soon after it launched its QuickBooks Bitcoin Payments benefit, a bitcoin exchange processor which independent ventures could use to acknowledge bitcoin in lieu of fiat monetary forms.

“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 developers announced.

It goes ahead to make clear that approval of payments through its instant messaging platforms would be done in various distinctive ways.

One requires sending through “a password request associated with an account of the user” in order to process payment. Another takes into account the use of voicemail as further validation by sending through “a voice phone call [that] is automatically disconnected by the payment service without answering.”

The firm has for some time been researching enhancing access to bitcoin installment processors. While it launched QuickBooks in 2014, the organization kept building up its payment platform, most as of late joining forces with installment supplier Veem to engineer worldwide cryptocurrency payments.