Visa to start using the Ethereum network
A research concept from Visa's payments service aims to enable automated payments on the Ethereum network.
A research concept from Visa's payments service aims to enable automated payments on the Ethereum network.
The global payments service Visa plans to use the Ethereum network for transactions in the future. The company explains this in a blog post. Visa wants to use the Ethereum feature, Account Abstraction, to add automated payments. This is to allow users to make "recurring bill payments".
This type of payment isn't that easy on the blockchain
The company goes on to explain that while "bank accounts and crypto exchanges can easily be used to organize automatic payments, this type of payment isn't that easy to execute on a blockchain". By using Account Abstraction, Visa can combine the "functions of user accounts and smart contracts within an Ethereum transaction".
While the addition appeared complete, Visa provided no information on when such a feature would launch for end users. Visa had already filed patents for its own crypto wallet by the end of October.
