Visa, Ethereum which is a layer 2 blockchain built on StarkNetHe said that it could help bridge the gap between crypto and the real world by allowing people using escrow wallets to pay their bills more easily.
Visa Recommends Using StarkNet for Automatic Recurring Payments
While automated recurring payments are common in traditional mobile banking apps, in Blockchain, that’s a more difficult task, according to a crypto thought leadership proposal from Visa.
The team leveraged a new concept called account abstraction to explore how smart contracts can be implemented to enable automatic and programmable payments.
“We see auto-payments as a core functionality that is missing from the current Blockchain infrastructure,” the bidders stated.
Visa has implemented the proof-of-concept with crypto wallet Argent using the StarkNet scaling platform because the account abstraction that allows smart contracts to transact for a user is yet to come. EthereumNot published in .
The proposal reveals a way for users to automatically send payments using the self-escrow wallet without having to sign each transaction.
“Using the approach we presented, we can also move other real-world applications to Blockchain beyond recurring payments,” the researchers wrote.
With a focus on crypto infrastructure and protocols for payments, Visa explores areas such as privacy and security for payments that need improvement before real-world applications.
The company said it is open to discussing ideas on programmable payments with companies working on the issue.
*Not investment advice.
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