Bitcoin micropayments startup SatoshiPay is developing a new proof-of-concept with Visa Europeâs 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 startupâs technology with Visaâs card payments structure, allowing for automated micropayments from a personâs Visa account to a SatoshiPay wallet.
Benn said that the proof-of-concept seeks to âestablish a safer method of purchasing small amounts of bitcoin using credit and debit cardsâ.
He told CoinDesk:
âDuring 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.â
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 isnât Visa Europe Collabâs 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