Crypto

Visa explores automatic payments for crypto wallets

Visa researchers investigated how to enable automatic recurring payments for self-custodial crypto wallets.

in a new technical documentresearchers are investigating how to bring the common automatic recurring payment option to the crypto and blockchain world.

This, according to the document, “is not a trivial task on a blockchain like Ethereum,” adding, “For self-custodial wallets where the user has sole control of the wallet and private keys, automated programmable payments that can automatically withdraw payments from a user’s account at recurring intervals requires engineering work.”

Visa’s answer is a smart contract application that allows a user to set up a programmable payment instruction that can automatically transfer funds from one self-custodial wallet account to another at recurring intervals, without requiring active user participation. user each time.

It builds on a concept known as “Account Abstraction” (AA) which makes user accounts on Ethereum work more like smart contracts by allowing a user to have programmable features built into their wallet. .

In the article, the Visa team demonstrates a potential application of AA: a new type of account contract that can delegate the ability to initiate payment by a user’s account to a pre-approved automatic payment smart contract. , mimicking the process you use today to set up a recurring card payment.

The paper is the first technical paper to release a new initiative from the Visa Crypto team as it attempts to expand its core competencies in the web3 infrastructure layers and blockchain protocols that are driving crypto development.

A team of Visa researchers and engineers are working to study the fundamentals of various blockchains – including the security, scalability, interoperability and privacy of different protocols – and suggest possible use cases .

Catherine Gu, Head, CBDC and Protocols, Visa, said, “To help our customers and partners innovate, we need to immerse ourselves in technologies that can bring real value to the payments ecosystem.

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