21 December 2022

Visa explores auto payments for crypto wallets

Written By FinTech Alliance

Visa explores auto payments for crypto wallets

Visa is investigating how to enable automatic recurring payments for self-custodial crypto wallets

In brief:

A new technical paper investigates how to bring automatic recurring payments to the world of crypto and blockchain

Visa's answer is a smart contract application that allows a user to set up a programmable payment instruction 

It relies on a concept known as “Account Abstraction” (AA, a potential application of which would be a new type of account contract that can delegate the ability to initiate a payment by a user account to a pre-approved autopayment smart contract

What does this mean?

This new application will mimic the process you use today to set up a recurring card payment within self-custodial crypto wallets. It is the first technical piece from the Visa Crypto team as it bids to broaden its core competencies in the Web3 infrastructure layers and blockchain protocols that are driving crypto development.

Read more here.

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