Visa Allows To Pay Ethereum Gas Fees With Credit Cards in Successful Test
Key Points:
- Users can now pay gas fees using Visa’s credit cards on the Goerli testnet, marking a major milestone.
- The company’s innovative solution simplifies user engagement, offering fee payment flexibility beyond ETH.
- The breakthrough tackles gas fee complexities, paving the way for a more seamless and accessible blockchain interaction.
Global payment giant Visa has achieved a significant milestone by successfully testing a solution for users to directly pay gas fees using credit or debit cards on the Ethereum Goerli testnet.
This breakthrough was made possible through Visa‘s technical team, which employed the paymaster contract in conjunction with account abstraction and ERC-4337.
In a move to deepen its engagement with the Ethereum network, Visa initially announced its exploration of Account Abstraction (AA) on the Goerli testnet in May.
This endeavor led to the deployment of “Paymaster” smart contracts for testing purposes, where Account Abstraction technology facilitates the conversion of user wallets into smart contracts, enabling them to perform intricate tasks.
The primary objective of implementing this contract type is to simplify user interaction with the Ethereum network. Additionally, this innovation enables users to pay transaction fees with various tokens, not solely ETH.
Visa views this as a more versatile and adaptive alternative to the conventional fee structure found on the Ethereum mainnet.
Having demonstrated the potential to alleviate friction for blockchain users, the concept holds the promise of reducing the complexity associated with managing ETH balances for gas fees. Visa’s vision aligns with providing a seamless experience for users by enabling gas fee payments through Visa cards.
Visa’s interest in Account Abstraction dates back to December 2022, with their exploration intensifying as the development team introduced ERC-4337 in March 2023.
The subsequent testing on the Ethereum Goerli testnet, facilitated by tools such as Stackup’s userop.js library, proved successful in covering transaction fees via the paymaster without requiring ETH.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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Blockchain
Visa Allows To Pay Ethereum Gas Fees With Credit Cards in Successful Test
Key Points:
- Users can now pay gas fees using Visa’s credit cards on the Goerli testnet, marking a major milestone.
- The company’s innovative solution simplifies user engagement, offering fee payment flexibility beyond ETH.
- The breakthrough tackles gas fee complexities, paving the way for a more seamless and accessible blockchain interaction.
Global payment giant Visa has achieved a significant milestone by successfully testing a solution for users to directly pay gas fees using credit or debit cards on the Ethereum Goerli testnet.
This breakthrough was made possible through Visa‘s technical team, which employed the paymaster contract in conjunction with account abstraction and ERC-4337.
In a move to deepen its engagement with the Ethereum network, Visa initially announced its exploration of Account Abstraction (AA) on the Goerli testnet in May.
This endeavor led to the deployment of “Paymaster” smart contracts for testing purposes, where Account Abstraction technology facilitates the conversion of user wallets into smart contracts, enabling them to perform intricate tasks.
The primary objective of implementing this contract type is to simplify user interaction with the Ethereum network. Additionally, this innovation enables users to pay transaction fees with various tokens, not solely ETH.
Visa views this as a more versatile and adaptive alternative to the conventional fee structure found on the Ethereum mainnet.
Having demonstrated the potential to alleviate friction for blockchain users, the concept holds the promise of reducing the complexity associated with managing ETH balances for gas fees. Visa’s vision aligns with providing a seamless experience for users by enabling gas fee payments through Visa cards.
Visa’s interest in Account Abstraction dates back to December 2022, with their exploration intensifying as the development team introduced ERC-4337 in March 2023.
The subsequent testing on the Ethereum Goerli testnet, facilitated by tools such as Stackup’s userop.js library, proved successful in covering transaction fees via the paymaster without requiring ETH.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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