When most of us think of Intuit, we think of tax management software, but the company is also offering other finance-related solutions. And, like many other players in the world, it doesn’t want to miss out on the crypto revolution… which brings us to our story of the day…
Intuit secures patent for processing bitcoin payments via text message
The patent, which was recently published by the U.S Patent and Trademark Office (USPTO), describes a system of virtual accounts that could enable two users to transfer funds using mobile phones. Intuit first filed for this patent in 2014, shortly after launching the QuickBooks Bitcoin Payments service, which in the world of crypto — is a long, long time.
“The invention relates to a method for processing payment,” the application states. “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.”
It goes on to explain different ways of validation of a payment text message, one of which requires sending through “a password request associated with an account of the user.” A different method 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.”
As that’s the case with many patents, we are not sure whether Intuit will ever launch a service that utilizes this technology. We do know a thing or two about their original bitcoin offering, though.
QuickBooks Bitcoin Payments
Intuit’s experimental branch, Intuit Labs, started testing a bitcoin payments service in May 2014. Called QuickBooks Bitcoin Payments, it was described as a service that enables small businesses to take bitcoin payments without having to bother with bitcoin wallets or even bitcoin. Instead, the solution enabled merchants to only see dollars in their account when they accept bitcoins.
Since launching QuickBooks Bitcoin Payments years ago, the company continued working on the platform, most recently partnering with payment provider Veem to enable international cryptocurrency payments.
So yes, these guys (and gals) are onto something. And we’ll make sure to follow “every step they make.” Stay tuned.