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Visa proposed a blockchain account design allowing Ethereum users to arrange auto-payments using a self-custodial vault.
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In a blog post posted Monday, December 19, the payments giant explained its approach.
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This post summarized an August research paper.
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Visa proposes using Account Abstraction, an Ethereum feature currently being considered by core developers, to implement automatic payments.
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According to the company, this will allow users to set up recurring bill payments.
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This is not possible on Ethereum at the basic level, as smart contracts can't request transactions.
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Instead, transactions must be initiated and sent manually by user accounts.
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Visa stated that auto-payments could be made using bank accounts or custodial crypto wallets.