According to Visa, cryptocurrency users may someday be able to utilise their self-custodial crypto wallets to automatically pay their phone and electricity bills.
In a blog post published on December 20, Visa’s crypto thought leadership team offered a method that would let providers automatically “draw” funds from customers’ Ethereum-powered crypto wallets without requiring the user to actively approve each transaction. In traditional banking, consumers can authorise specific service providers to take money from their specified bank accounts in order to pay bills like a Netflix subscription or a regular phone bill. Owners of self-custodial wallets are unable to deploy such a system, according to Visa, because automatic programmable payments that periodically withdraw money from a user’s account “need engineering work.”
Visa plans to allow you to auto-pay bills with your crypto wallet
