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Intuit Secures Bitcoin Payment Patent

DATE POSTED:August 10, 2018

Business software company Intuit has secured a patent for bitcoin payment processing, according to Coindesk reports on Thursday (Aug. 9).

The U.S. Patent and Trademark Office published the patent, which describes a method to process bitcoin payments sent via text message that includes payment amount and validation based on a virtual payer account maintained by the payment service.

That validation could be done in multiple ways, the patent explained, including via password or use of voicemail to validate the mobile device. Intuit describes several use cases of the technology, including for business-to-business transactions.

Intuit, which operates the business accounting software tool QuickBooks, has also been focusing on its payments service since launching Intuit Payments several years ago. The company has also focused on payments via collaboration. In 2016, the company expanded its partnership with PayPal, focusing on accelerating payments to small businesses and self-employed professionals using QuickBooks Online.

“By delivering deep integrations with leading solutions like PayPal, we’re giving our small business and self-employed customers the ability to get paid faster and seamlessly connect all of the data that flows in and out of their business,” said Vinay Pai, vice president and head of the Intuit developer group.

PayPal is another company looking to secure bitcoin-related patents. Last March, the firm filed a patent application for a method using private keys traded between buyer and seller to accelerate cryptocurrency payments.

Last year, Intuit appointed Michelle Clatterbuck, its then-senior vice president of finance, to chief financial officer, a position she took up in February.

“Given her proven track record in leading finance in our core business, combined with her strong operational capabilities, I’m confident in her ability to continue to advance our trajectory as a financially sound growth company,” Chairman and Chief Executive Officer Brad Smith said in a statement at the time. “I’m excited to see Michelle lead opportunities to accelerate our performance in the years ahead.”