Business and financial software developer from California Intuit has been granted a patent for processing bitcoin installments via text message.
Published by the U.S Patent and Trademark Office (USPTO) on Tuesday, the patent details how a network of virtual accounts could empower two users to transfer funds utilizing their phones. The patent was filed in 2014, not long after the company had launched its QuickBooks Bitcoin Payments service that allowed small businesses to accept bitcoin instead of fiat currency.
Call Me Maybe
The application states that approval of a payment text message would be done in various ways. The first one requires sending through "a password request associated with an account of the user", while the other one uses voicemail as further approval by sending through "a voice phone call [that] is automatically disconnected by the payment service without answering." These unanswered calls would be a confirmation of credible messages to eliminate the potential risk of spam.
Collaboration with Veem
The organization has been eyeing methods to enhance access to bitcoin payment processors. After the kick off of QuickBooks operation in 2014, the firm kept developing its payment platform, collaborating with payment provider Veem to enable global cryptocurrency transactions.