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According to payments behemoth Visa, cryptocurrency users have the option of automatic bill payments like settling their phone and utility bills using their self-custodial crypto wallets.
Visa to Enable Automatic Bill Payments
A proposal was put up by Visa's thought leadership team on cryptocurrencies in a blog post published on December 20. It would enable providers to automatically draw money from customers' Ethereum-powered cryptocurrency wallets without having the user to personally approve each transaction. In the traditional banking industry, automatic bill payments for recurrent bills are typical. Users can authorize specific service providers to withdraw money from their preferred bank accounts to pay bills, like a Netflix subscription or a periodic phone bill.
Delegable Accounts - A Self-Custodial Wallet
According to Visa, such a system is not feasible for holders of self-custodial wallets since automatic programmed payments that periodically withdraw money from a user's account need resources and effort. The Visa article further stated that a new self-custodial wallet dubbed "delegable accounts" based on the "Account Abstraction" (AA) idea would make it feasible to make cryptocurrency recurrent payments automatically.
Employment of AA-based Self-Custody Wallet
According to the Visa team, user accounts will "work like smart contracts" through an AA-based self-custody wallet or delegable account, enabling users to plan transactions without having to approve each one individually. The suggestion is a part of a larger investigation by the blockchain-friendly company looking at new ways to innovate blockchain technology and get beyond strict constraints embedded into Ethereum transactions.