Visa: StarkNet May Help Self-Custodial Wallets Pay Bills More Easily

According to Visa, StarkNet, a layer 2 blockchain built on top of Ethereum, may help close the gap between cryptocurrencies and the real world by having people who use self-custodial wallets to make payments on their bills.

According to a crypto thought leadership proposal from Visa, while automated recurring payments are prevalent on regular mobile banking apps, they are more difficult to implement on the blockchain.

The team investigated how smart contracts may be used to provide automatic and programmable payments using a unique idea called account abstraction.

We see auto payments as a core functionality that existing blockchain infrastructure lacks.

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The StarkNet scaling platform was used by Visa to construct its proof of concept with the cryptocurrency wallet Argent because account abstraction, which enables smart contracts to process transactions on behalf of a customer, isn’t currently operational on Ethereum.

The proposal describes a method through which users may utilize the self-custodial wallet to automatically transfer payments without having to sign each transaction individually.

Additionally, to increase privacy and security for payments before they are utilized in the real world, Visa has concentrated on crypto infrastructure and protocols for payments. The business declared that it is willing to talk with businesses researching programmable payments about their ideas.

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