Bitcoin micropayments startup SatoshiPay isdeveloping a new proof-of-concept with Visa Europe's innovation unit.
Work on the project was first disclosed earlier this year, when Visa Europe Collab said that it was exploring bitcoin micropayments for connected devices. At the time, the company indicated it was looking at use cases like smart light bulbs that could pay for their own electricity.
The concept, according to SatoshiPay founder Meinhard Benn, involves the integration of the startup’s technology with Visa’s card payments structure, allowing for automated micropayments from a person’s Visa account to a SatoshiPay wallet.
Benn said that the proof-of-concept seeks to "establish a safer method of purchasing small amounts of bitcoin using credit and debit cards".
He told CoinDesk:
"During the PoC, we will establish a safer method of purchasing small amounts of bitcoin using credit and debit cards. With a process for fiat payments in place, we will also integrate other payment local methods like direct debit or instant bank transfers."
Benn said Visa plans to work with the firm to explore how its technology could be used for machine-to-machine payments and IoT devices. Other plans include a future user study conducted in conjunction with Visa Europe Collab on micropayments for web content.
The project isn't Visa Europe Collab’s foray into bitcoin. Last year, the company unveiled a remittance app concept developed in partnership with Epiphyte.
Visa Europe was not immediately available for comment when reached.
Date : Published on July 26, 2016 at 16:10 BST