Visa said self-custodial wallets could use a unique “account abstraction” method to set up automatic recurring payments on StarkNet as existing smart contracts do not currently support such steps, according to coindesk.com.
Payments processor Visa recently proposed a system known as “account abstraction” that uses smart contracts can be used to enable automated programmable payments on Ethereum, per a crypto thought leadership post.
This solution involves the creation of a smart contract that acts as an intermediary between a user account and a contract account, allowing for the creation of a self-custodial wallet that can make automatic recurring payments without requiring the active participation of the user.
Such a move would allow recurring payments to be conducted entirely over blockchain networks, which currently are devoid of such capability, Visa said.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below: