Global payments leader Visa has recently tested a solution to directly pay on-chain gas fees using their credit cards.
A trial that allowed users to utilise their Visa cards to pay on-chain gas fees, the event took place on the Ethereum Goerli testnet, which is a dedicated platform for testing applications based on the Ethereum network.
This solution leans on Ethereum's ERC-4337 standard and employs a paymaster contract.
A paymaster contract operates as a specialized smart contract account, capable of accepting off-chain payments and subsequently covering the equivalent amount on-chain on the user's behalf.
Visa's motivation behind this venture is rooted in addressing concerns experienced by cryptocurrency wallet users, particularly in relation to gas fees.
Specifically, this solution aims to eliminate the necessity for users to possess native blockchain tokens solely for gas fee purposes
Gas fees are a crucial aspect of blockchain transactions.
A good analogy would be to see them as the charges you pay for using a service.
Blockchains use gas fees to cover the costs associated with performing actions or transactions on the network.
Managing various tokens and comprehending the intricacies of gas fees can prove overwhelming for numerous users, especially those new to the domain.
By permitting users to settle gas fees without the need for native tokens, the process becomes more straightforward and user-friendly.
Furthermore, this transaction method assures users of maximum fee transparency.
This safeguard prevents users from inadvertently paying substantial gas fees during network congestion.
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