Recurring payments with Bitcoin

[ykt]

Hello,

As a software developer, I recognize the importance of being able to establish a subscription for the user, i.e. facilitate recurring charges for consumed goods or services. This is the basic requirement for any SaaS platform.

The only option that I have seen so far is to send a user an email at the end of the current billing cycle to remind to make next payment and that simply doesn't work.
Also, as far as I understand, the only option to have recurring payments is to have them supported by the wallets/network and thus I wonder if it is something that is on the roadmap or not?

[Chyton]

I believe it is not in the roadmap, establishing a paid subscription (paid in bitcoins) is not possible AFAIK. Users have control of their own money unlike banks that issues credit cards.

[odolvlobo]

The issue is push vs. pull. Bitcoin is a "push" system where only the holder can spend their bitcoins. The current banking system is a "pull" system where anybody can pull money out of your bank account just by asking for it.

The design of Bitcoin prevents it from being a pull system, but it is easy to build a pull system on top of Bitcoin, and it already exists in limited form at Coinbase.

[anon4250158]

The issue is push vs. pull. Bitcoin is a "push" system where only the holder can spend their bitcoins. The current banking system is a "pull" system where anybody can pull money out of your bank account just by asking for it.

The design of Bitcoin prevents it from being a pull system, but it is easy to build a pull system on top of Bitcoin, and it already exists in limited form at Coinbase.

Someone should write software for this for those who use core or other standalone wallets.  The user would subscribe to the service, and the service would send out a payment request to the software when it's time, and the software could push a tx as long as the user has enabled it.  It would make bitcoin even more accessible to new adopters.

[darthmaul]

I think there is no problem in having control of their money by user itself. Because users are the one who decide whether to pay to a party or not on recurring basis. This is supported by almost every wallets I have seen until now. You can set up USD amount as recurring amount so that your wallet will send equivalent BTC to opposite party. This has to be set up by end user only and anyway opposite party need not to worry if payment is cancelled as they can discontinue the goods or services from their side if they don't get the payment.

In traditional banking system something like this only done where we give pre consent to funding party that they can charge my bank and bla bla while here we take charge of it. :-)

[Gotottack]

Hello,

As a software developer, I recognize the importance of being able to establish a subscription for the user, i.e. facilitate recurring charges for consumed goods or services. This is the basic requirement for any SaaS platform.

The only option that I have seen so far is to send a user an email at the end of the current billing cycle to remind to make next payment and that simply doesn't work.
Also, as far as I understand, the only option to have recurring payments is to have them supported by the wallets/network and thus I wonder if it is something that is on the roadmap or not?

That is something inherent in bitcoins compared to credit cards and other payment methods. Bitcoins gives the user full control over his finances and there is nothing anybody can do to alter that feature. Unless they use online wallets that have control over their funds then probably you can do a recurring payment system, however if we are talking about users that use software and hardware wallets, then tough luck, it can't be done.