Visa Proposes Using StarkNet for Automatic Recurring Payments

2022/12/20 10:27

https://www.theblock.co/post/196442/visa-proposes-using-starknet-for-automatic-recurring-payments

Visa said that StarkNet, a layer 2 blockchain built on top of Ethereum, may help bridge the gap between crypto and the real world by letting people who use self-custodial wallets pay their bills more easily.

While automatic recurring payments are common on traditional mobile banking apps, it's a harder task on the blockchain, according to a crypto thought leadership proposal from Visa. The team utilized a novel concept called account abstraction to explore how smart contracts can be implemented to enable automated and programmable payments.

“We see auto payments as a core functionality that existing blockchain infrastructure lacks,” the authors of the proposal wrote.

Visa implemented its proof of concept with crypto wallet Argent using the StarkNet scaling platform because account abstraction, which allows smart contracts to carry out transactions for a user, isn’t live yet on Ethereum. The proposal outlines a way for users to automatically send payments using the self-custodial wallet without having to sign each transaction.

"Using the approach we have introduced, other real-world applications beyond recurring payments could be brought to the blockchain," the authors wrote.

Visa has been focused on crypto infrastructure and protocols for payments, researching areas such as privacy and security for payments that need to be improved before real-world implementations. The company said that it is open to discuss ideas in programmable payments with companies working on the subject.

Gain a broader understanding of the crypto industry through informative reports, and engage in in-depth discussions with other like-minded authors and readers. You are welcome to join us in our growing Coinlive community:https://t.me/CoinliveSG

Add Comment

LoginLeave your comments

0 Comments

Earliest

Load more comments

More news about blockchain recurring payments

Jan 22
X platform launches "Payments" account
Bullish2
Bearish1
Jan 21
Elon Musk’s X launches new payments account
Bullish
Bearish
Dec 16
UK financial heavyweights embrace blockchain for payments revolution
Bullish
Bearish
Aug 23
Poof Payments Launches XRP Ledger Open Source MPC Wallet
Bullish
Bearish
Jul 28
Jack Dorsey's Block Payments Company Appoints Neha Narula to Board of Directors
Bullish
Bearish
Sep 12
Fireblocks hits $100 million in annual recurring revenue in 2022
Bullish
Bearish
Sep 10
Bolt Financial drops plan to buy Wyre Payments for $1.5 billion
Bullish
Bearish
Sep 09
Nigerian Blockchain Payments Company Bitmama Raises $2 Million
Bullish
Bearish
Aug 02
Bitcoin Brokerage River Financial Eliminates Recurring Order Fees
Bullish
Bearish
Aug 02
River Financial Launches Zero-Fee Recurring Bitcoin Purchases
Bullish1
Bearish

Visa Proposes Using StarkNet for Automatic Recurring Payments

More news about blockchain recurring payments

More news about blockchain recurring payments

Golden Web3.0 Daily | X platform launches "Payments" account

Bank of America Says Ripple Making Waves in Cross-Border Payments With Blockchain

JPMorgan Enables Euro Blockchain Payments With JPM Coin – Report

Twitter Developing ‘Coins’ Feature With Stripe Payments

Visa proposes solution to blockchain recurring payments

ABGA Blockchain Gaming Awards Ceremony 2022

OKLink has launched Aptos Blockchain explorer, the 20th Chain Supported by OKLink Blockchain Explorer

Checkout Crypto Strategy Chief Talks About Crypto Payments Space

Payments Giant Stripe Now Supports Crypto Payouts for Freelancers in USDC

Crypto ‘en français’: Cointelegraph France is now live