Visa plans to allow you to auto-pay bills with your crypto wallet

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Cryptocurrency users may one day be able to automatically pay their electricity and phone bills through their self-custodial crypto wallets, according to Visa.

Visa’s crypto thought leadership team proposed a solution in a blog post on December 20 that would allow providers to automatically “pull” funds from users’ Ethereum-powered crypto wallets without requiring the user to manually sign off on every transaction. Auto-payments for recurring bills are common in traditional banking, allowing users to authorise certain service providers to withdraw funds from their designated bank accounts to pay bills such as a Netflix subscription or a monthly phone bill. According to Visa, such a mechanism is not possible for owners of self-custodial wallets because automated programmable payments that pull funds from a user’s account at recurring intervals “require engineering work.”

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Visa plans to allow you to auto-pay bills with your crypto wallet

Cryptocurrency users may one day be able to automatically pay their electricity and phone bills through their self-custodial crypto wallets, according to Visa.

Visa’s crypto thought leadership team proposed a solution in a blog post on December 20 that would allow providers to automatically “pull” funds from users’ Ethereum-powered crypto wallets without requiring the user to manually sign off on every transaction. Auto-payments for recurring bills are common in traditional banking, allowing users to authorise certain service providers to withdraw funds from their designated bank accounts to pay bills such as a Netflix subscription or a monthly phone bill. According to Visa, such a mechanism is not possible for owners of self-custodial wallets because automated programmable payments that pull funds from a user’s account at recurring intervals “require engineering work.”

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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