Visa Europe Partners for Bitcoin Micropayments Trial

Bitcoin micropayments startup SatoshiPay is developing a new proof-of-concept with Visa Europe’s Collab innovation unit.

AccessTimeIconJul 26, 2016 at 3:10 p.m. UTC
Updated Sep 11, 2021 at 12:23 p.m. UTC

Bitcoin micropayments startup SatoshiPay is developing 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.

Jar of pennies image via Shutterstock

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Trending

1
CoinDesk - Unknown
First Mover Asia: Remember ICOs? You Would Have Made a Fortune if You HODLed; Bitcoin Slogs Toward $20K

Investors who purchased a breadbasket of blue chip coin offerings about five years ago would have generated an 819% return, even with the current bear market; most cryptos fell in Tuesday trading.

CoinDesk - Unknown
2
CoinDesk - Unknown
Compass Mining Seen Losing Maine Facility After Failing to Pay Power Bill

The most valuable crypto stories for Tuesday, June 28, 2022.

CoinDesk - Unknown
3
CoinDesk - Unknown
Crypto Jobs: Who’s Cutting and Hiring?

A running reckoning to layoffs and hirings in the cryptocurrency/blockchain industry.

CoinDesk - Unknown
4
CoinDesk - Unknown
Governments May Restrict Foreign Access to Their CBDCs, Riksbank Official Says

Not all countries “play nicely” with each other, complicating how central bank digital currencies will interact with other payment systems, said Cecilia Skingsley, first deputy governor at the Swedish central bank.

CoinDesk - Unknown