Visa Proposes Ethereum-based Automatic Payments System
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Global credit giant Visa has started its research on smart contracts and other payment programming methods. The international payments giant intends to allow Ethereum holders to have the feature of automatic payments.
According to the efforts of Visa, the online payments network is searching for new ways to allow ETH holders to use automated payments.
This feature would be available for users that are working with self-custodial wallets. When this feature goes live, the Ethereum holders will not require going through third-party payments or custodial services providers such as banks and other centralized financial operators.
Visa to Shift its Focus on Self-custodial Service Providers
The total supply of Ethereum is infinite. It means that it can eventually be used by many people around the world. Therefore, Visa has decided to place its focus on Ethereum to begin its bank and crypto transition.
The project is also heavily invested and focused on self-custodial wallets. Traditionally, automated payments are under the full control of banks rather than users.
The self-custodial approach of Visa can remedy that to a certain extent for crypto investors. On the other hand, the ongoing crypto market decline has not stopped or slowed down the resolve of Visa to back out of its crypto-related projects.
With the grass root adoption of technologies like the internet, mobile phones, and eCommerce, the need for secure online payment networks has only increased with time.
Catherine Gu, the head of the CBDC department at Visa, who has created the automated payments network for Ethereum, seems to agree with the notion. She recently remarked that online payments are one of the most important use cases of blockchain.
The devs of Visa filed for two trademark requests that contain a plan for a new crypto wallet issued by the company. The second patent was directed towards a method for auditing crypto assets and utility tokens.
Visa has also partnered with JP Morgan this year; the business venture aims to work on the development of private blockchains that facilitate international payments between nations.
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