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 Aug 18, 2021 at 5:04 p.m. UTC

Presented By Icon

Election 2024 coverage presented by

Stand with crypto

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.

  • Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
    13:18
    Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
  • Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
    05:10
    Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
  • The first video of the year 2024
    04:07
    The first video of the year 2024
  • The last regression video of the year 3.67.0
    40:07
    The last regression video of the year 3.67.0
  • 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 have been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.