Visa Completes Test of Paying Gas Fees Using Fiat via Visa Cards

Visa Completes Test of Paying Gas Fees Using Fiat via Visa Cards

Visa announced it has completed a test of using Visa cards to pay blockchain gas fees. The test aims to explore the solutions to simplify on-chain transactions, thus streamlining the onboarding process for new crypto users and improving the experience for current users.

The test was run on the Ethereum Goerli testnet. Visa's solution utilizes Account Abstraction and a paymaster contract, which can accept the user's gas fee payment off-chain from a credit or debit card with fiat currency, and cover the equivalent amount on-chain, on behalf of the user. A paymaster is a specialized type of smart contract account that can sponsor gas fees for user contract accounts. According to Visa, "The gas fee experience on the user's end is as simple as a regular card payment."

"Our experiment demonstrates that developers can implement this solution with existing payments infrastructure. Merchants or dApps could run their own paymaster solution as a means to help improve customer experience by accepting gas fee payments using Visa cards. Alternatively, existing wallet and paymaster service providers could offer a card-based gas fee payment choice for general use alongside their other paymaster offerings." Visa added.

Source

Payment

In This Article

Related News
Foresight Ventures Report Shows a Pendulent Shift of Over 32,000 Global Merchants Accepting Crypto Payment Foresight Ventures Report Shows a Pendulent Shift of Over 32,000 Global Merchants Accepting Crypto Payment
Paradigm leads $82 million Series B round for crypto payments network Mesh Paradigm leads $82 million Series B round for crypto payments network Mesh
KuCoin introduces new crypto payment system for exchange users KuCoin introduces new crypto payment system for exchange users
MoonPay boosts self-custodial crypto spending with new solution MoonPay boosts self-custodial crypto spending with new solution
Ride-hailing platform TADA launches Telegram mini app, enabling bookings in TON or USDT Ride-hailing platform TADA launches Telegram mini app, enabling bookings in TON or USDT
Latest News More More
Chinese creditors push back against FTX's motion to forfeit payouts in restricted jurisdictions
2 Days Ago TON Foundation offers path to 10-year UAE 'Golden Visa' for $100k in staked TON, $35k fee; UAE denies eligibility
5 Days Ago Tether plans further Bitcoin mining expansion in South America with Adecoagro tie up
6 Days Ago North Korean hackers use fake Zoom updates to deliver ‘NimDoor’ macOS malware targeting crypto firms
6 Days Ago JPMorgan's blockchain unit tests new carbon credit tokenization application with S&P Global
delate
Use TokenInsight App All Crypto Insights Are In Your Hands
Open