Popular Card payment processor Visa is working to bring an auto crypto payment solution.
Visa is a popular payment processor company, which is headquartered in San Francisco. This company provides payments via its credit cards, debit cards & prepaid cards. In the last few years, the company is continuously working in crypto & blockchain-supported payment options to make the traditional payment systems better or adopt crypto payments as an alternative payment system over the traditional one.
On 20 one Dec, Visa’s crypto & blockchain team published a blog post regarding the new concept of a “crypto automatic payment system”.
The completion of this development work will allow the crypto users to pay their bills automatically, which is currently not possible in the crypto-supported payment options.
We know very well that auto payment systems are very common things in traditional payment systems but in digital crypto wallets, such things are not possible, where every transaction needs step by step approval from the account holders.
Now it will be interesting to see if Visa will bring this new auto payment solution for non-custodial crypto wallets or centralised crypto wallets.
The majority of the reports claimed that such things are not possible for non-custodial or self-custody wallets because such things will introduce a kind of centralized nature over the control of crypto transactions.
According to the information provided by the Visa team, they will do the same thing via programming & probably they will develop a dedicated crypto wallet so that new programming can be introduced otherwise single programming efforts will not be able to do anything.
In the past, there were only a few automatic payment deduction services but later were suspended by the platforms because of misuse.
For example, the Bitcoin lending platform BTCJam, which has been frozen under the influence of legal actions, was internally connected with the Coinbase exchange.
Many BTCJam & Coinbase users found that a hack of their BTCjam account was allowing the hacker to automatically collect funds from their Coinbase wallet without any manual permission from the end of the Coinbase wallet.