#autopayment

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Now, if you paid with a credit card, it'll be declined when those bills are autopaid. This will negatively affect your credit score, and generally the billing company will charge a fee for late or declined payment. They'll manually bill you again, so you can pay it later with another form of payment when you get more money. It'll suck, but it's not the end of the world.

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Visa proposes Ethereum auto-payment scheme

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Visa has proposed a blockchain account design that could allow Ethereum users to arrange auto-payments from a self-custodied wallet.

The payments giant described its approach in a blog post on Monday, Dec. 19. That post summarized an earlier research paper that was published in August.

Visa proposes using Account Abstraction, an Ethereum feature that is currently under consideration by core developers, to implement automatic payments.

The company says that this allows users to set up recurring bill payments. Ethereum does not allow this at a basic level, as automated smart contracts cannot request transactions. Rather, user accounts must initiate and send transactions manually.

Visa noted that although bank accounts and custodial crypto wallets can be easily used to arrange auto-payments, this type of payment is “not as straightforward to execute on a blockchain.” As such, implementing the feature in a self-custodied wallet ⁠— one in which the user has complete control over their funds ⁠— is a challenge.

The company said that it explored a possible solution as part of its internal Crypto Hackathon challenge this year.

Visa explained that, by using account abstraction, it was able to combine the functions of user accounts and smart contracts into a single type of Ethereum account. The company called the resulting account a “delegable account.”

This approach allows a merchant to deploy an automatic payment smart contract. After a user with a delegable account grants permission, a merchant can trigger a payment by calling the charge function of the automatic payments contract. The user’s delegable account also adds the auto-payment contract to a whitelist for future payments.

Visa noted that Ethereum itself has not yet implemented Account Abstraction, with exists as part of various proposals such as EIP-4337. In light of those limitations, Visa implemented delegable accounts on StarkNet, a layer-2 network for Ethereum that extends the base blockchain’s functionality to support the feature.

Though Visa seemingly produced a working auto-payments solution, it did not indicate that it will offer the feature to its clients.

It seems unlikely that the feature will be implemented within Visa’s wide array of crypto payment cards, which are often linked to custodial exchanges. However, the feature could conceivably be used in Visa’s merchant- and bank-oriented settlement services, which may need to interact with non-custodial Ethereum wallets.

Posted In: Ethereum, Payments

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So I recently decided to take advantage of a Balance Transfer offer from Chase Freedom. My research indicated customer reviews of Chase credit card products were generally negative. Given that I intended to pay it down during the interest-free period I didn’t let that deter me. That was my mistake.

I logged on to my Chase account to set up a monthly auto payment for an amount that would pay off the entire balance in 15 months. Trouble is Chase auto payment only provides two options; Minimum Payment Due or Full Amount Due. It does not allow customers to enter an other amount.

That means as a customer I need to remember to login every month for the next 15 months to schedule a payment. What a hassle! This is what is meant as FRICTION when it comes to the Customer Experience.

But wait! What if I simply schedule a payment for each of the next 15 months? Still a headache and more effort than should be required on my part. But hey, at least it’s done and I don’t have to worry about forgetting to make a payment.

EFFORT ALERT!!

Chase does not allow payments to be scheduled more than three months out. So I scheduled the three payments and made a note in my calendar for August to schedule the next three payments. What a pain in the ass!

By the way, I called Chase Customer Service to make sure I wasn’t guilty of new user error. The Chase representative verified that those are in fact the only two options for auto payment. When I mentioned other credit card companies allow customers to enter an amount other than the Minimum Payment Due but less than the Full Amount Due they ignored my comment.

Chase Freedom’s reputation for poor Customer Experience is well-deserved. High effort! Lots of friction! And no problem ownership on the part of its Customer Service Representative.

Is Chase intentionally making it difficult for its Balance Transfer customers to pay off their balance? What do you think?