SatoshiPay teams up with Visa Europe for bitcoin micropayments trial

FinTech | July 29, 2016 By:

SatoshiPay, a nanopayment transactions processor, has announced its partnership with Visa Europe’s innovation department Collab to test Bitcoin micropayments.

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 project aims to enable automated micropayments from a person’s Visa account to a SatoshiPay wallet, involving the integration of SatoshiPay’s technology with Visa’s card payments structure. As a result, small amounts of Bitcoin could be bought in a safer method using credit and debit cards. With a process for fiat payments in place, the startup will also integrate other payment local methods like direct debit or instant bank transfers.

“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,” said SatoshiPay founder Meinhard Benn.

Visa plans to work with the company to explore how its technology could be used for machine-to-machine payments and IoT devices, according to coindesk.com. Other plans include a future user study conducted in conjunction with Visa Europe Collab on micropayments for web content.