Visa is going to integrate crypto with more day-to-day use cases. As Visa could roll out a functionality, which would enable users to make their telephone and electricity payments via self-custodial crypto wallets. Currently, many banks allow their customers to integrate their accounts with subscription services.
This auto-deducts monthly charges for utilities and keeps the cycle running.
Visa is essentially looking to initiate similar services but keeping crypto in the central focus.
Self-custodial crypto wallets allow crypto holders to hold their own private keys, rather than relying on a decentralise exchange, that could be prone to exploits or hacks.
Members from Visa’s crypto team have propose to enable the automatic ‘pull‘ of funds from self-custodial wallets built on the Ethereum blockchain.
If this plan is executed, the need for users to manually sign off each transaction would be eliminate once and for all.
Visa wrote in an official blog post :
“Visa outlines how to write a smart contract application for a self-custodial wallet. This 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. This solution taps into a concept known as ‘Account Abstraction (AA)’, a developer proposal currently being explored within the Ethereum ecosystem,”.
Found in 1958 by the Bank of America, Visa is estimate to have nearly 800 million card holders outside of the US and around 345 million customers in the US.
As of now, the payments company has deploy a special team, dedicate to the research and development around blockchain-based payments solutions.
Visa is conducting studies on the security, privacy, scalability, and interoperability of various blockchain protocol and ways they can be put to use.
Catherine Gu, Head of CBDC and Protocols at Visa Said :
“We’re focus on growing our core competencies in Web3 infrastructure layers and blockchain protocols driving crypto development,”.
The payments company has initiating many projects that put cryptocurrencies to the forefront of useability for everyday transactions.
Visa launch a creator programme to help digital-age artists understand and use NFTs.
In January 2022, Visa had also reveal that its customers made $2.5 billion (approx. Rs. 18,685 crore) in payments using its crypto-link cards during the first fiscal quarter of 2022 that end on 31st December 2022.
That volume, when put into perspective, account for over 70% of all crypto-card volume throughout the fiscal year of 2021 that end on 30th September, 2021, signalling an increase in the adoption of crypto payments during those months.
