TechFlow news — According to an official announcement from Visa, the payment giant has published a paper titled "Auto Payments for Self-Custodial Wallets," outlining how smart contracts can be implemented using "Account Abstraction" (AA) to enable automated, programmable payments. Since Ethereum does not currently support Account Abstraction, Visa implemented its delegatable account solution on the Layer 2 blockchain StarkNet, whose account model embodies what is now referred to as Account Abstraction. While traditional Ethereum accounts verify that transactions carry the correct signature from a given address, StarkNet's abstracted accounts simply verify that a transaction originates from a specified address. Leveraging StarkNet’s account model, Visa has successfully implemented a delegatable account solution, thereby enabling automatic payments for self-custodial wallets.
Visa stated that leveraging the concept of account abstraction can provide self-custodial wallets with automated recurring payment functionality, and adopting the Ethereum Layer 2 scaling solution StarkNet could bring various real-world applications beyond recurring payments onto the blockchain. Original link
