Visa’s Proposal on Integration with Ethereum: Making Auto Payments with Crypto Wallet Without Third-Party Apps
Visa, a global credit giant teams up with Ethereum to allow its users to make transactions with no third-party platform involved.
Visa, a global credit giant teams up with Ethereum to allow its users to make transactions with no third-party platform involved. This would mean that users can make payments directly from their own self-custodial wallets.
Account Abstraction feature would be likely to be used to do visa transactions for automatic payments which is currently not allowed at the primary level by Ethereum. We all know that automatic payments have been a common tradition in the modern banking world, especially the crypto world that’s why Visa has proposed a very good way to level the service using blockchain technology. This could one day allow crypto users to be able to pay their other bills automatically through their self-custodial crypto wallets.
When the crypto market is still coping with the aftermath of the FTX crisis and the Terra Sisters crash, this proposal is being created to give investors hope and promise in aligning cryptocurrencies to banks. Aside from the automatic payment, this integration would also increase the speed in handling a high volume of transactions, more security, and integrate with other blockchains while keeping the privacy of customers.
Although auto-payments on crypto wouldn’t necessarily have an impact on the banking and payments scale, it’s still a good initiative from Visa that is aiming to become active in the crypto world.
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