Visa Enables Users to Pay Ethereum Gas Fees with Visa Cards
Visa has successfully completed a test that allows users to pay Ethereum gas fees using Visa debit or credit cards. The goal of this innovative solution is to simplify blockchain transactions and improve the user experience with dApps on the Ethereum blockchain. The current process of transacting on Ethereum requires users to maintain a balance of ETH to cover gas fees, resulting in overspending or insufficient funds. Visa’s solution uses Ethereum’s ERC-4337 standards and a smart contract called “Paymaster” to enable off-chain gas fee payments. Users trigger a transaction through their wallets, which is then sent to the paymaster. Visa charges the gas fee through Cybersource, validates the digital signature, and settles the fees. This solution eliminates the need for users to hold ETH and makes blockchain transactions more accessible and user-friendly.
Key Points:
– Visa has completed a test that allows users to pay Ethereum gas fees with Visa cards.
– The solution aims to simplify blockchain transactions and improve the user experience with dApps on Ethereum.
– Users no longer need to hold ETH to cover gas fees, eliminating overspending or insufficient funds.
– Visa’s solution uses Ethereum’s ERC-4337 standards and a smart contract called “Paymaster” for off-chain gas fee payments.
– The process involves triggering a transaction, charging the gas fee through Cybersource, validating the digital signature, and settling the fees.
Hot Take:
Visa’s initiative to enable users to pay Ethereum gas fees with Visa cards is a significant step towards mainstream adoption of cryptocurrencies. By eliminating the need for users to hold ETH and simplifying the transaction process, Visa is addressing the challenges and complexities associated with blockchain-based transactions. This development not only enhances the user experience but also opens up new possibilities for integrating cryptocurrencies into everyday financial activities. As crypto readers, you can look forward to more innovations from Visa and other payment giants that will further bridge the gap between traditional financial systems and the world of cryptocurrencies.
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