Company From California To Develop Bitcoin Payment System
American startup Intuit from California, which specializes in software development in the financial sector, received a patent for a crypto payments’ processing program through text messages.
A patent application published by the US Patent and Trademark Office describes in detail the solution, allowing to conduct payments by sending messages on the mobile phones.
Screenshot from U.S Patent and Trademark Office's official website
The Intuit product became an absolutely new way of processing money transfers. According to the patent application, the payer sends a text message, which indicates the amount of funds and the identifier of the mobile device, from his smartphone to the recipient.
There are several options for verifying such payments. One of them requires from a client to request a special code connected with his account to process the transaction. Another option uses voice messages that confirm authenticity of the texts to protect the user from accidental or spam messages.
Intuit sent the first patent application in 2014, after the creation of the QuickBooks service, where small and medium-sized businesses could use bitcoin instead of fiat money for monetary transactions. Then, Intuit entered into a cooperation with Veem payment service provider to conduct international crypto payments.
Featured image from Veem official website
As previously reported, representatives of the payment operator Square informed in their last report about the refusal of trading bitcoin on public exchanges and switch to over-the-counter platforms.