Global payments giant Visa Inc V has released a paper outlining how the firm could work with Ethereum ETH/USD to enable automated payments from self-custodial crypto wallets.
What Happened: The paper, originally presented as part of a company hackathon held earlier this year, explores how the Ethereum mainnet can offer users the capability of scheduling auto-payments with the support of Visa.
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This functionality is not currently available on the Ethereum mainnet but could be enabled by a proposed Ethereum protocol named “Account Abstraction,” which would allow Ethereum user accounts to function like smart contracts.
This solution provides complete control of funds when using a self-custody wallet. With this feature, users can now use their self-custody wallets to arrange auto payments with increased security and reliability.
The payments giant last year launched a crypto advisory practice to help its partners “navigate a new era of money movement.”
Price Action: ETH was trading at $1,190, up 1.11% in the past 24 hours, according to Benzinga Pro.