Visa Facilitates Automatic Payments For Crypto Wallets

 After the pandemic outbreak in 2020, the world became so silent. There was a curfew, and everything turned online. From shopping to studying, dining to dating, everything hinges on virtual.

In the world of traditional banking, automatic bill payments are typical, and Visa has initiated a way to replicate the service using blockchain technology.

 

Interestingly, Visa suggests a solution on “how to arrange and settle payments when there is a lack of money. 


Visa Card | Auto Payment | crypto wallet


It is nothing but Account Abstraction…

 

Account Abstraction tries to transform user accounts into smart contracts. The idea aims to create a single account that combines smart contracts and non-custodial wallets.

 

A Deep Dive Into Account Abstraction!

A more flexible approach to verifying transactions on the blockchain that permits the creation of planned transactions even when there are insufficient funds is what AA proposes. It enables the construction of an orderly solution for automatic payments.

 

It is possible to customize and schedule AA's validity requirements within a smart contract. It is valid for the specific account rather than embedding transaction validity rules into the Ethereum protocol. Also, it applies them uniformly to all transactions. 

 

Therefore, by enabling the user to specify validity conditions that no longer involve signature verification, AA makes automated payments conceivable even in the lack of money at the time they are programmed.

 

Do you need any blockchain-related services to enhance your business? Seek the best blockchain wallet development services from our experts.

 

Automatic Payments - Action Principle!

  1. The receiver first deploys an automated payment smart contract to receive payments automatically via AA. 

  2. The user has to authorize requests for approval of automated payments and has a delegable account. 

  3. Before authorizing them, he will be able to review all of the activities of the smart contract. 

  4. Since it follows decentralization, the user will be guaranteed that smart contracts will only carry out the acts he has authorized.

  5. Following approval, the user's wallet will include the smart contract address for automated payments.

  6. The smart contract will then activate the planned payment using the debit function.

  7. It will cause the user's account to start a regular push payment that is identical to typical push payments.

 

Explore The Automatic Payments!

Indeed, recurrent or regular payments in the non-custodial setting are now exceedingly challenging to administer. The truth is that for a transaction to be allowed, it must be wholly covered by adequate cash and be genuine.

 

The fact that creditors can only engage with customers' non-custodial wallets. If the consumers do so, it makes this much more accurate for payment demands from creditors.

 

In order to enable scheduled or automated payments even in the absence of cash, non-custodial wallet holders must be able to use new technologies, as relying on custodial platforms is by no means a solution.

 

Although it is not likely that AA will be the solution that is adopted widely, it will probably succeed in some way, given that Visa is helping to support it.

 

Final Feather!

Thus, Visa explores auto payment for crypto wallets. Are you planning to develop a crypto wallet? Connect with Blockchain Firm, the leading crypto wallet development company that assists you with innovative ideas and affordable services. 

For DM : Nikita Sharma


Comments

Post a Comment

Popular posts from this blog

Five Worth-Trying Cryptocurrency Business Ideas In 2023

Image
You might be aware of the growth of cryptocurrency businesses in the ongoing epoch. Companies based on digital currencies are emerging profitable and promising these days. We have entered 2023 now when the crypto investments are growing, driving more investors to invest in the market.  And people are now trying to take advantage of this crypto boom and are willing to start their own businesses in this domain. The internet is the main area where they search for business ideas and inspirations.  This article will help you understand the most fruitful and best cryptocurrency business ideas that will help you make money easily.  1. DeFi Exchange Decentralized Finance is a growing business in the whole crypto industry. So why do you miss the opportunity to develop your own DeFi exchange platform? DeFi exchange has the potential to replace the typical financial sector, allowing users to utilize the products and services without the need for third parties. Moreover, the DeFi exchange platform
Read more

Cost of p2p Crypto Exchange

Image
Develop A Budget-Friendly And Unique P2P Crypto Exchange T raditional businesses have shapeshifted into digital business platforms, and this sudden transition initiated the wide adoption of digital currencies, none other than crypto. With the rising demand for digital utilities, the emergence of decentralized crypto exchanges was felt only as the beginning. However, most enterprises mistake that the cryptocurrency exchange development cost is high.  Is it true? To know the answer, you must definitely check this interesting blog! Is Crypto Exchange Development Cost High? First of all, there is no standard exchange development price range. It obviously varies based on different factors. It includes what type of exchange you are developing, the features you are going to employ, the expertise of the development team, the complexity of the development process, and other technical aspects.  For example, if you are developing a simple decentralized exchange platform that supports only a fe
Read more

How to Conceal the Major NFT Loopholes Using Blockchain?

Image
Non-Fungible Tokens (NFTs) are popular and have over 3.6 million users globally. Nobody could have imagined such a massive growth over a short period of time. The concept of ownership using a token has caught the attention of investors as well as collectors.  Even though NFTs have a huge fanbase, there are some potential investors who are not willing to buy NFTs. Having some loopholes makes these tokens lose their value from some investors’ points of view.  Do these loopholes really make a big deal? Is there any way to cover them up? Let us find out together! NFT and Its Sudden Boom NFT is abbreviated as Non-Fungible Token . They are the digital tokens representing the ownership of any physical or digital asset. The applications of NFTs are wide in the domains like art, gaming, real estate, music, entertainment, sports, and more. By acquiring help from a leading nft art marketplace development company , you can develop a custom NFT marketplace easily. The main reason for the boom of NF
Read more