Visa has finished testing a system to make it easier to pay transaction fees, or "gas fees," on the Ethereum blockchain.
Visa Has Been Actively Exploring The Crypto Sector
Visa has finished testing a system to make it easier to pay transaction fees, or "gas fees," on the Ethereum blockchain.
According to the firm, the majority of users find the present gas payment methods to be unnecessarily complicated. Visa noted in a blog post that although blockchain technology has gained a lot of traction recently, people still find it difficult to understand the nuances of on-chain transactions.
Every transaction on Ethereum needs the payment of a gas fee, which often means ensuring one has a balance of Ether (ETH) in their wallet. The ERC-4337 Ethereum standard, which enables smart contracts to operate as wallets by utilizing account abstraction, is what Visa advises using in conjunction with a paymaster contract. This paymaster agreement might support users' gas fees, enabling users to pay for gas directly with a Visa card.
The testing for this process was conducted on the Ethereum Goerli testnet.
Visa hopes that merchants or decentralized applications will use their existing wallets or paymaster systems to speed up transactions. By allowing customers to pay gas fees with a Visa card, this system aims to increase the use and accessibility of blockchain-based transactions.
Visa has been actively exploring the crypto sector, including looking into accepting settlement payments using USDC on Ethereum.
