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.
“We see auto payments as a core functionality that existing blockchain infrastructure lacks,” the authors of a Visa crypto proposal wrote.
While automatic recurring payments are common on traditional mobile banking apps, it's a harder task on the blockchain, according to a crypto thought leadershipfrom 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
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