Visa Explores Using Cards for Ethereum Gas Fee Payments
Payment giant Visa is exploring ways to allow users to pay Ethereum gas fees using its cards. The goal is to simplify the on-chain user experience and make it easier for the masses to participate in blockchain transactions.
Main Points:
- Visa plans to use the ERC-4337 standard and a paymaster contract to enable off-chain payment of gas fees.
- A paymaster contract is a smart contract account that can sponsor gas fees for user contract accounts.
- Users will no longer need to hold native tokens to pay gas fees.
- Visa has tested the concept on the Ethereum Goerli testnet.
- Community opinions on the idea are mixed, with some praising the convenience and others concerned about additional fees.
Visa’s Continued Commitment to Crypto
Visa, along with its competitor Mastercard, has been actively exploring innovations in the crypto field. Despite regulatory challenges, Visa has resumed working on crypto-related projects and is dedicated to simplifying blockchain payments.
Hot Take:
Visa’s exploration of using cards for Ethereum gas fee payments is a promising development in improving the user experience for on-chain transactions. While there are mixed opinions within the community, the convenience it offers could greatly benefit crypto enthusiasts. Visa’s commitment to crypto innovation demonstrates its recognition of the importance and potential of blockchain technology.
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