Audit Giant Intuit Gains Patent for Bitcoin Transactions Using Text Messages

Bitcoin Transactions

Audit Giant Intuit has been granted a patent that describes a method whereby Bitcoin payments can be processed by using text messages. The patent was filed to the U.S. Patent Office on June 13, 2014. The application explained a system that would allow two users to complete their payments using their mobile phones. It would also include a “peer-to-peer virtual currency network” which would store the funds of both the users.

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 listed various ways to complete a transaction upon receiving a request for processing a payment. In the first option, an unanswered voice call will be used to verify the mobile phone. In the second option, a password will be used to access the user account. Once the data is verified, the system will check whether the payer has enough funds to complete the payment. In case, the payee doesn’t have a virtual account, the system will create one and then transfer the funds. In the end, the payee will be notified with a text message.

Intuit also launched the Bitcoin Quickbooks PayByCoin service in partnership with BitPay in 2014. The sample images shown in the recent patent also use BitPay user accounts to demonstrate BTC transactions. Apart from cryptocurrencies, Intuit has also focused on blockchain technology by hosting an Innovation Lab in San Fransisco in order to explore its various uses.