Digital payment giant Visa has planned to enable Ethereum accounts to leverage automatic and programmable payments from self-supervised wallets.
Visa drew inspiration from an Ethereum dev proposal, which is called Account Abstraction (AA). As stated by Visa, the payments giant used this to determine how smart contracts can be used for enabling programmable payments. Besides this, account abstraction provides an account that’s open to anyone to transact, allowing multiple owner accounts to exist via delegable accounts and multi-signature verification.
In the meantime, Visa decided to introduce this initiative to Ethereum accounts, wishing to extend it soon to others in the crypto industry. It is important to note that there are two kinds of Ethereum accounts, smart contract accounts and user accounts (externally owned). By leveraging account abstraction, Visa seeks to merge the two account types into one Ethereum account.
Visa’s head of CBDCs (central bank digital currencies) and protocols Notably declared that the basic factor using blockchain for payments is that said blockchain needs to work just as well as it does today or better.
With more than 1 billion customers all over the world, Visa is a company with an impressive reach. Such a player can help with bringing crypto payments into the mainstream.
