Credit Giant Visa is working to set up automatic payments from self-custody wallets on the Ethereum Blockchain
As part of its research into blockchain innovation, Visa proposed earlier today in a blog post the use of Account Abstraction, a concept that Vitalik Buterin presented back in 2015, to set up recurring payments through one’s self-custody wallet. You would be able to pay your telephone bill or Prime subscription using crypto you hold onto your self-custodial wallet.
In reality, as stated in Visa’s technical piece, you would need a new type of wallet called a “delegable account”, which would have smart contract-like features to implement recurring payments. This would first be available on the Ethereum blockchain, if or when the Account Abstraction is implemented.
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