Visa wants to integrate crypto into more everyday use cases. The payments giant could launch a feature that would allow users to make their phone and electricity payments through self-custodial crypto wallets. Currently, several banks allow their customers to integrate their accounts with subscription services. As a result, the monthly additional costs are automatically deducted and the cycle is kept running. Visa is essentially attempting to initiate similar services while keeping crypto at its core.
Self-Custody Crypto Wallets Allow crypto holders to hold their own private keys instead of relying on a decentralized exchange that could be vulnerable to exploits or hacks.
As part of its prospects members out Visa’s crypto team have proposed allowing automatic “withdrawal” of funds from self-custodial wallets built on top of the Ethereum Blockchain. Running this plan will eliminate the need for users to manually sign off on each transaction once and for all.
“Visa describes how to write a smart contract application for a self-custody wallet. This application could allow a user to set up a programmable money order that can automatically move funds from one self-custodial wallet account to another at recurring intervals. This solution leverages a concept known as “Account Abstraction (AA),” a developer proposal currently under investigation in the Ethereum ecosystem,” Visa wrote in one official blog post.
Visa was founded in 1958 by Bank of America estimated nearly 800 million cardholders outside the US and approximately 345 million customers in the US.
Currently, the payments company has deployed a dedicated team dedicated to research and development around blockchain-based payment solutions.
The company conducts studies on the security, privacy, scalability and interoperability of various blockchain protocols and their possible uses.
“We are concentrating on expanding our core competencies Web3 Layers of infrastructure and blockchain protocols driving crypto development,” said Catherine Gu, Head of CBDC and Protocols at Visa.
The payment company has initiated several projects that are setting cryptocurrencies to the forefront of usability for everyday transactions.
Earlier this year, for example, Visa started a creator program that helps artists of the digital age understand and use NFTs.
In January of this year, Visa also had revealed that its customers processed $2.5 billion in payments (approximately card volume) during the fiscal 2021 quarter ended September 30, 2021, reflecting an increase in adoption of crypto payments in these months.
