How will recurring payments work in Crypto?

Question

Is there any solution to the equivalent of keeping someone's card of file and charging them in Crypto either on-demand or as part of a subscription?I like the ability to allow for Crypto payments, but not having a card on file makes collections very challenging.

onion2k · Accepted Answer

Bitpay has a solution that works with some wallets - https://support.bitpay.com/hc/en-us/articles/204936445-How-d...More generally, cryptocurrencies are like cash in this sense. You can only request payment; you can't really collect a payment. You just have to factor that into the things you build.

mytailorisrich · Answer

My understanding is that it's only possible to pay of you know the private key of the payer.If so, the only way to have automated collection and recurring payments is to entrust your private key to a third party and to re-implement the whole existing banking infrastructure... In which case you might as well use a bank and 'normal' payments.

factorialboy · Answer

Well, here's my secret sauce.I pay you in `me-tokens`. You subscribe to my recurring tokens by opting into my DAO with your wallet address.Then every month I will mint X me-tokens and send it over. Works for DeFi, should work here too.

How will recurring payments work in Crypto?

Is there any solution to the equivalent of keeping someone's card of file and charging them in Crypto either on-demand or as part of a subscription?
I like the ability to allow for Crypto payments, but not having a card on file makes collections very challenging.

Bitpay has a solution that works with some wallets - https://support.bitpay.com/hc/en-us/articles/204936445-How-d...
More generally, cryptocurrencies are like cash in this sense. You can only request payment; you can't really collect a payment. You just have to factor that into the things you build.

Well, here's my secret sauce.
I pay you in `me-tokens`. You subscribe to my recurring tokens by opting into my DAO with your wallet address.
Then every month I will mint X me-tokens and send it over. Works for DeFi, should work here too.