Visa has announced its plan to allow Ethereum holders to set up automatic, self-custodial payments from their wallets using smart contracts and programmable payments.

This proposal would eliminate the need for banks and other central intermediaries in the process. Although automatic payments are already possible with traditional bank accounts, these payments are ultimately controlled by the bank.

By exploring the use of self-custodied cryptocurrency, starting with Ethereum, Visa aims to shape the future of payments and potentially move beyond the current reliance on traditional financial institutions.

Despite recent downturns in the cryptocurrency market, Visa remains committed to this potential future of payments.