Visa Proposes Automatic Payments System for Ethereum Accounts

Global credit giant Visa has been researching smart contracts and programmable payments. The firm wants to let Ethereum holders set up automatic payments.

Visa has announced a proposal to enable Ethereum holders to set up programmable payments from their own self-custodial wallets. Furthermore, the concept would eliminate banks and centralized third parties from the transactions.

Automatic payments have been easy to set up on regular bank accounts. However, the bank ultimately controls the system and the funds being transferred. Visa is venturing into the realms of self-custodied crypto, and it is starting with the industry standard—Ethereum.