Visa proposes Ethereum Integration for Automatic Payments
Visa, the credit giant has proposed a solution that would allow Ethereum users make transactions without the involvement any third parties. They can pay directly from their self-custodial wallets.
Account Abstraction, an Ethereum feature still under review, will likely be used to make these transactions using Visa, for automatic payment. This feature will allow customers pay recurring bills. This is not possible at the basic Ethereum level.
How will the Ethereum integration go?
Visa highlighted the fact that account abstraction allowed it to combine the features of user accounts with smart contracts into one model of Ethereum account. The corporation called the account “delegable”.
This method allows retailers to set up smart contracts for automatic payments. A merchant can initiate an automatic payment by using the charge function in the automated payments contract if a user with a delegable accounts gives consent. The user’s delegable accounts can also add the auto-payment contract to a whitelist that will be used for future payments.
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This feature was developed by the firm as a result its Crypto Hackathon Challenge 2022. The user must request and perform the transaction manually in order to use Ethereum’s features. This feature is available in bank accounts, custodial wallets, and self-custodial wallets. These types of transactions are not as easy to do on the blockchain.
“If blockchain is used for payments, then the first requirement is that the blockchain function as well as it does today.
Catherine Gu, who is also the coauthor of the Visa proposal, wrote the following:
The proposal is made amid the Bear market.
This proposal comes at a time when the crypto market still needs to recover from the Terra Sisters crash and the FTX fiasco. It will certainly give investors hope and promise in aligning cryptocurrency to banks.
Visa is also working closely with Ethereum to improve transaction speed, handle high volumes of transactions, provide better security, and integrate other blockchains, while protecting customers’ privacy.
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