Crypto: This is the end of the partnership between Visa and FTX!

What if now the configuration of automatic payments from your wallet became possible? Visa firmly believes that it is entirely possible to make automatic payments on Ethereum. It is through a technical document that the company has put forward the abstraction of accounts. The latter would allow self-custodial wallets to efficiently highlight automatic payments. That’s not all, because it is also possible that the abstraction of accounts will give rise to new forms of accounts (multi-owner and public).

Visa Releases Technical Paper on Automated Payments on Ethereum

Visa wants to get automatic payments on Ethereum

A few days after breaking its contract with FTX, Visa has just made a revolutionary announcement on Ethereum. Depending on the payment company, it is possible to set up automated payments. To do this, Visa is committed to creating a whole new form of wallet through a process that the company describes itself as ” account abstraction “.

Visa’s goal is simple, the company wants the Ethereum ecosystem to grow, which is why it did not hesitate to publish this technical article. We can read through our source that “Online bill paying is growing rapidly and customers, especially younger ones, expect to set up recurring payments and enjoy other conveniences associated with using their Visa cards. »

Nevertheless, Visa knows that enabling such payments on Ethereum is a challenge and there is a price to pay. For example, there is the possibility of giving access to one’s personal keys to a smart contract so that he can make payments on his behalf. This is also a big risk, as automatic payments on Ethereum could undermine the security that self-custody provides.

The only plausible solution for Visa therefore remains account abstraction. It refers to a mix of both wallet, as well as smart contracts on a single Ethereum account. If this comes to work, there will be more ease in the process of validating transactions on the Ethereum blockchain. Visa firmly believes that this new solution will give rise to new types of accounts. In addition, from your public accounts, anyone can use them to carry out transactions.

Conclusion

Visa wants to help the Ethereum ecosystem by developing an automated payment system through account abstraction. These are also the pre-approved accounts on delegated accounts. Their particularity is that they do not require the signature of the owners for each payment launched. But, it’s too early to tell if the account abstraction boils down to what Visa points out in the shared technical paper.

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