Visa is looking to enable automatic bill payments through self-monitoring crypto wallets: Details
Visa is looking to integrate crypto with more everyday use cases. The payments giant could roll out a function that will allow users to make their phone and electricity payments through a self-managed crypto wallet. Currently, some banks allow customers to integrate their accounts with subscription services. This automatically deducts the monthly fee for utilities and keeps the cycle running. Essentially, Visa is looking to roll out similar services but still focus on cryptocurrencies.
Self-managed crypto wallet allows cryptocurrency holders to keep their private keys, rather than relying on a decentralized exchange, which can be vulnerable to mining or hacking.
As part of its outlook, members from Visa’s Crypto Team proposed allowing automatic ‘withdrawals’ from self-managed wallets built on Ethereum blockchain. If this plan goes through, the need for users to manually log out of each transaction will be eliminated once and for all.
“Visa outlines how to write a smart contract application for a self-governing wallet. This application can allow users to set up programmable payment instructions that can automatically push funds from one self-managed wallet account to another at periodic intervals. This solution exploits a concept known as ‘Account Abstraction (AA)’, a developer proposal currently being explored in the Ethereum ecosystem,” Visa wrote in a report. official blog post.
Founded in 1958 by Bank of America, Visa is estimate has nearly 800 million cardholders outside the US and about 345 million customers in the US.
Currently, the payment company has deployed a special team, dedicated to the research and development of blockchain-based payment solutions.
The company is conducting studies on the security, privacy, scalability, and interoperability of various blockchain protocols and how they can be used.
“We focus on developing our core competencies in Web3 Catherine Gu, Head of CBDCs and Protocols at Visa said.
The payment company has started a number of projects bringing electronic money Leading the way in usability for everyday transactions.
For example, earlier this year, Visa show a creator program to help digital age artists understand and use NFT.
In January of this year, Visa also disclosure that its customers made $2.5 billion (approximately Rs 18,685) in crypto-linked card payments during the first fiscal quarter of 2022 ending December 31. That volume. , when put into perspective, accounts for more than 70% of all crypto-card volume throughout the fiscal year 2021 ending September 30, 2021, signaling an increase in the adoption of fiat payments electronics during those months.
