A patent for creating an SMS payment system using Bitcoins has been awarded by the U.S. Patent and Trademark Office (USPTO) to the Software development company Intuit.
In the patent filling published by the trademark office is presented a system that will offer transfer of Bitcoin funds through mobile SMS that has been originally filed few years ago in 2014 which was the same year when QuickBooks the DIY tax solution by Intuit had made partnership with BitPay to create a business client solution for paying with Bitcoin called PayByCoin.
An excerpt from the patent states:
“The invention […] 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, validating the payment text message based at least on a payer balance of a virtual payer account maintained by the payment service for the payer.”
The description of the patent outlines the interaction between the virtual accounts that get created for the sole purpose running the framework but also to enable all sorts of different kinds of approaches to validate transactions. One such purpose is “receiving an unanswered voice call within a pre-determined time period” which will take place after a text message is received that will be matched to the mobile device identifier extracted from that same message.
A password system will be another approach which management can be achieved by the SMS and those virtual accounts mentioned before that will be also connected with the mobile device identifier.