Payments giant Visa thinks that one day cryptocurrency holders may set up auto-payments for their bills using their own cryptocurrency wallets.
In a “crypto thought leadership” blog post on Dec. 20, Visa proposed a solution where service providers can automatically pull funds from users’ Ethereum-backed cryptocurrency wallets without the user having to manually sign each transaction.
Visa said in its technical paper that automatic recurring payments via cryptocurrencies may be possible using a novel type of self-custodial wallet with a “delegable account”, which is based on the Account Abstraction concept.
In 2015, Ethereum co-founder Vitalik Buterin came up with the Account Abstraction concept, allowing Ethereum-based wallets and smart contracts to be combined into a single account.
