Crypto-users may one day be able to automatically pay their electricity and telephone bills through their self-custodial crypto wallets, according to payments giant Visa.
In a Dec. 20 blog post, Visa’s crypto thought leadership team proposed a solution that would allow providers to automaticall “pull” funds from users’ Ethereum-powered crypto wallets, without requiring the user to manually sign off on every transaction.
Auto-payments for recurring bills are commonplace in the traditional banking world, giving users the ability to permit certain service providers to draw from their chosen bank accounts to pay off bills — such as a Netflix subscription or a monthly telephone bill.
Such a mechanism isn’t possible for owners of self-custodial wallets, said Visa, noting that automated programmable payments that pull payments from a user's account at recurring intervals "requires engineering work."
