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Visa Proposes Automatic Payments Using Ethereum StarkNet

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Visa has recently proposed an "account abstraction," which uses smart contracts to enable automatic programmable payments on Ethereum. 

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This solution involves creating a smart contract as an intermediary between user and contract accounts. 

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It creates a self-custodial pocket that can make automatic, recurring payments without the need for active participation.

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Visa stated that such a move would enable recurring payments to be made entirely over blockchain networks. 

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These networks are currently devoid of this capability. 

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The company suggested that the system be deployed on StarkNet, an Ethereum layer of two networks.

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There are currently two types of Ethereum accounts: Contract Accounts (CA) and Externally Owned Accounts. 

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