As crypto adoption increases, financial services providers are increasingly exploring different ways to help crypto holders spend their holdings.

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Visa to Help in Developing Ethereum Ecosystem 

Visa has unveiled a new proposal that will let crypto holders set up recurring payments through their crypto wallets on Ethereum.

The global payment giant Visa on Wednesday released a publication that comprises the exploration of ways to enable auto payments for self-custodial wallets using ETH.

“Online bill pay is growing rapidly, and customers—especially younger ones—have come to expect the ability to set up recurring payments and take advantage of other conveniences associated with using their Visa cards,” a statement from the publication read.

Automatic payments from self-custodial cryptocurrency wallets is challenging, this is because it requires giving access to one’s private keys to a smart contract in charge of making the payments on one’s behalf. Effectively, automatic payments is likely to threaten the security provided by self-custody.

Therefore, the solution to the challenges comes in the form of account abstraction, which means a combination of user wallet and smart contracts in a single ethereum account. This will reportedly give more flexibility to the process of validating a transaction on the blockchain: among other things, Visa believes it would enable multi-owner accounts (through multi-sig) and public accounts from which anyone could carry out a transaction.

Practically speaking, users would be able to create a whitelist of pre-approved auto-payments on a “delegable account,” which would not require the owner’s signature every time a payment is made.

It remains to be seen whether account abstraction is everything Visa makes it out to be. 

Visa team claimed that “because [an auto payment contract] is a smart contract, a user can be confident that [it] cannot execute in a way other than how it is written,” a phrase that may sound a little naïve to crypto natives having already seen their wallets drained when accidentally signing a malicious smart contract.

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