Visa has proposed a blockchain account design that could allow Ethereum users to arrange auto-payments from a self-custodied wallet.
The payments giant described its approach in a blog post on Monday, Dec. 19. That post summarized an earlier research paper that was published in August.
Visa proposes using Account Abstraction, an Ethereum feature that is currently under consideration by core developers, to implement automatic payments.
The company says that this allows users to set up recurring bill payments. Ethereum does not allow this at a basic level, as automated smart contracts cannot request transactions. Rather, user accounts must initiate and send transactions manually.
Visa noted that although bank accounts and custodial crypto wallets can be easily used to arrange auto-payments, this type of payment is “not as straightforward to execute on a blockchain.” As such, implementing the feature in a self-custodied wallet — one in which the user has complete control over the
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