Intuit patented technology for transmitting Bitcoin transactions via SMS

California-based Intuit, which develops software for financial and commercial companies, has received a patent for processing Bitcoin payments via text messages.

A patent published by the United States Patent and Trademark Office (USPTO) states that a virtual account system could allow two users to transfer funds using mobile phones. The company first filed the patent in 2014, shortly after launching its own Bitcoin payment processing service, QuickBooks, through which small businesses can accept Bitcoin instead of fiat currencies.

“Our invention is a new way to process payments. The payment process is confirmed as follows: the recipient, through the payment service, receives a text message about payment from the payer’s mobile phone, which indicates the payment amount and the identifier of the payer’s mobile device,” the statement says.

There are also several types of text message confirmation about payment. The first requires a “password associated with the user account” to process the payment. According to the second, as additional confirmation, the sender “makes a telephone call, which is automatically disconnected by the payment service without a response.” Such unanswered voice calls will serve as confirmation of all reliable SMS about payment in order to exclude the sending of “spam sent by bots.”

The company has long been looking for ways to optimize access to the bitcoin payment processing system. Since launching QuickBooks, the company has been diligently developing its payment platform and recently partnered with Veem to enable cross-border cryptocurrency payments.

According to https://www.coindesk.com