Visa proposes to use blockchain for secure and automated payments

Visa has proposed a concept called “Account Abstraction” (AA) in a whitepaper aimed at developers of Ethereum-compatible systems.

This solution would allow users to intelligently and securely schedule recurring payments by setting up a programmable payment instruction to automatically send funds from one self-custodial wallet account to another at recurring intervals without having to actively participate in each transaction.

The Vice President of Products and Innovation of Visa do Brazil, Fernando Amaral, affirms that the AA concept can bring payment experiences with familiar interfaces to users, but with all the security and practicality of the blockchain ecosystem. Visa will continue to explore these technologies and concepts to help bring the cryptocurrency ecosystem closer to its global network of customers and merchants.

Blockchain technology has become a reality in the world of cryptocurrencies due to the security and practicality it offers in transactions. However, its potential applications go beyond digital currencies.

K. Tovar

Source: Cointelegraph

(Reference image source: file)

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