{"id":529436,"date":"2022-12-20T07:38:24","date_gmt":"2022-12-20T04:38:24","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/visa-dreams-up-plans-so-you-can-auto-pay-bills-with-your-crypto-wallet\/"},"modified":"2022-12-20T07:38:24","modified_gmt":"2022-12-20T04:38:24","slug":"visa-dreams-up-plans-so-you-can-auto-pay-bills-with-your-crypto-wallet","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/visa-dreams-up-plans-so-you-can-auto-pay-bills-with-your-crypto-wallet\/","title":{"rendered":"# Visa dreams up plans so you can auto-pay bills with your crypto wallet"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3bb9710c185\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3bb9710c185\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/visa-dreams-up-plans-so-you-can-auto-pay-bills-with-your-crypto-wallet\/#%E2%80%9D_Visa_dreams_up_plans_so_you_can_auto-pay_bills_with_your_crypto_wallet_%E2%80%9C\" >&#8221; Visa dreams up plans so you can auto-pay bills with your crypto wallet &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Visa_dreams_up_plans_so_you_can_auto-pay_bills_with_your_crypto_wallet_%E2%80%9C\"><\/span>&#8221; Visa dreams up plans so you can auto-pay bills with your crypto wallet &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTIvNjNhMTZkNDgtMzdjOS00MWMwLTkyYWEtODRlM2JjZmI1ZjhlLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-30a6cf80>Crypto-users may one day be able to automatically pay their electricity and telephone bills through their self-custodial crypto wallets, according to payments giant Visa.<\/p>\n<p>In a Dec. 20 blog post, Visa\u2019s crypto thought leadership team <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/usa.visa.com\/visa-everywhere\/blog\/bdp\/2022\/12\/16\/exploring-new-avenues-1671230603572.html\">proposed<\/a> a solution that would allow providers to automaticall \u201cpull\u201d funds from users\u2019 Ethereum-powered crypto wallets, without requiring the user to manually sign off on every transaction.<\/p>\n<p>Auto-payments for recurring bills are commonplace in the traditional banking world, giving users the ability to permit certain service providers to draw from their chosen bank accounts to pay off bills \u2014 such as a Netflix sub<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">script<\/a>ion or a monthly telephone bill.<\/p>\n<p>Such a mechanism isn\u2019t possible for owners of self-custodial wallets, said Visa, noting that automated programmable payments that pull payments from a user&#8217;s account at recurring intervals &#8220;requires engineering work.&#8221; <\/p>\n<p>This is because, in self-custodial wallets, the user is the only person in control of the private keys, meaning they need to manually sign off on transactions as \u201ca smart contract cannot initiate transactions on its own.\u201d<\/p>\n<p>In its technical piece, Visa <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/usa.visa.com\/solutions\/crypto\/auto-payments-for-self-custodial-wallets.html\">said <\/a>automatic recurring payments via crypto would be possible through a new type of self-custodial wallet called \u201cdelegable accounts,\u201d which is based on the \u201cAccount Abstraction\u201d (AA) concept. <\/p>\n<p>Ethereum co-founder Vitalik Butering put forward the concept in 2015, which essentially allows for Ethereum-based wallets and smart contracts to be combined into a single account among <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/blog.ethereum.org\/2015\/07\/05\/on-abstraction\">other<\/a> use cases. <\/p>\n<p>Through an AA-based self-custody wallet or delegable account, the Visa team states that user accounts would \u201cfunction like smart contracts,\u201d meaning that people can schedule transactions without signing off to initiate each transaction.<\/p>\n<p>\u201cThis application could allow a user to setup a programmable payment instruction that can push funds automatically from one self-custodial wallet account to another at recurring intervals, without requiring the user&#8217;s active participation each time,\u201d the post reads.<\/p>\n<p>The proposal is part of the crypto-friendly firm\u2019s broader <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/usa.visa.com\/visa-everywhere\/blog\/bdp\/2022\/12\/16\/exploring-new-avenues-1671230603572.html\">research<\/a> into new avenues for blockchain innovation and to work around rigid requirements hardcoded into Ethereum transactions.\u201d <\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">AA has many potential use cases, especially on how the user experience on a digital wallet may be substantially enhanced with more flexibility embedded into user account to function more like smart contract.<\/p>\n<p>\u2014 Catherine Gu (@catgu_) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/catgu_\/status\/1604896863504764940?ref_src=twsrc%5Etfw\">December 19, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>The team does admit that while auto-payments can be integrated relatively easily via wallets hosted by other parties such as exchanges, this of course means the user would have to trust their funds will be managed appropriately by said parties. <\/p>\n<p>This was proven to be a major risk this year especially given the bankruptcies of FTX, Voyager, BlockFi and Celsius to name a few.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Ethereum bulls wake up after four years to transfer 22,982 ETH<\/em><\/strong><\/p>\n<p>The post also highlights that AA has been proposed as part of multiple Ethereum Improvement Proposals (EIPs) over the years, but ultimately hasn\u2019t gone through due to its difficulty in implementation. This is due to it requiring many protocol changes and \u201csecurity guarantees to be met.\u201d<\/p>\n<p>The Visa team stated that it has already successfully tried its delegable accounts on a private chain from Layer Two scaling solution StarkNet, as the network supports AA. <\/p>\n<p>As such the post concludes that auto payments are not far away given it was able to implement delegable accounts within StarkNets\u2019 \u201caccount model.\u201d<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/visa-dreams-up-plans-so-you-can-auto-pay-bills-with-your-crypto-wallet\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Visa dreams up plans so you can auto-pay bills with your crypto wallet &#8220; Crypto-users may one day be able to automatically pay their electricity and telephone bills through their self-custodial crypto wallets, according to payments giant Visa. In a Dec. 20 blog post, Visa\u2019s crypto thought leadership team proposed a solution that would&#8230;<\/p>\n","protected":false},"author":1,"featured_media":529437,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/cdn-cgi\/image\/format=auto,onerror=redirect,quality=90,width=1200\/https:\/\/s3.cointelegraph.com\/uploads\/2022-12\/63a16d48-37c9-41c0-92aa-84e3bcfb5f8e.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74891,74889,75434,74880,77456,74879,117],"class_list":["post-529436","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-ethereum","tag-payments","tag-smart-contracts","tag-transactions","tag-visa","tag-wallet","tag-business"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/529436","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=529436"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/529436\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/529437"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=529436"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=529436"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=529436"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}