Visa, the global payment giant Started testing a new solution on Ethereum that will remove some of the obstacles associated with paying GAS fees on the network.
We’re excited to share our experimental solution on Paying Onchain Gas Fees with a Visa Card.
At @Visawe’ve been exploring ways to simplify blockchain transactions
Imagine paying for gas fees as easily as buying coffee with your card!
But how did we get here?
— Mustafa (@digitalmustafa) August 10, 2023
The new solution is being tested on Ethereum’s Goerli testnet to improve user-network interactions by leveraging account abstraction technology and the ERC-4337 standard. followspecified by Visa
with new solutions End users are not required to use ETH, Ethereum’s native cryptocurrency, to pay for the transaction or the “GAS” fee will be eliminated, although users will still technically have to pay the fee. But this allows them to pay with any token, such as USDC or USDT, eliminating the barriers to payments with Ethereum, and Visa can cover those fees as well.
Visa research teams use standards Ethereum’s ERC-4337 and the smart contract “Paymaster”, which allows off-network GAS fees to be paid. This process allows users to pay GAS fees directly with their Visa card, eliminating the need for users to hold ETH just to pay the fee.
According to the release, Visa trialed the concept on the Goerli test network using existing open source tools such as Stackup’s userop.js library, with trial transactions effectively covering fees through Paymaster.
refer : cointelegraph
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