25. Februar 2024

Visa Makes Crypto Easier than Ever – Pay Gas Fees Directly with Your Card!

• Visa recently tested a solution for cryptocurrency wallet users to pay on-chain gas fees directly through their credit cards.
• This solution eliminates the need for users to hold native blockchain tokens solely for gas fees, making cryptocurrency transactions as seamless and straightforward as traditional financial transactions.
• If widely adopted, this move could revolutionize how we perceive and use digital currencies in our daily transactions.

Visa Introduces Test Solution For Gas Fees

Visa, the global payments leader, has recently tested a solution allowing users to pay on-chain gas fees directly through their credit cards. The experiment was conducted on the Ethereum Goerli testnet with the aim of addressing challenges faced by cryptocurrency wallet users.

Key Benefits of Paying Gas Fees Through Credit Cards

This feature eliminates the need for users to hold native blockchain tokens solely for gas fees, making cryptocurrency transactions more user-friendly and straightforward. Moreover, it provides transparency in the maximum fees for users and prevents them from paying substantial gas fees when networks are congested.

Towards Making Crypto Easier To Use

Enabling people to pay for gas fees with crypto is a step towards making blockchain and cryptocurrency interactions as seamless and straightforward as traditional financial transactions. This could revolutionize how we perceive and use digital currencies in our daily lives if adopted widely.

The Role Of ERC-4337 Standard And Paymaster Contracts

Visa’s approach utilizes Ethereum’s ERC-4337 standard along with a paymaster contract which is a specialized type of smart contract account that can accept off-chain payments and cover the equivalent amount on-chain on behalf of the user.

Conclusion

Visa’s move towards simplifying crypto payments via credit cards may make cryptocurrencies easier to use in day to day life if adopted widely. With this feature, users will no longer need to manage multiple tokens or understand complex aspects of gas fee payment while transacting via blockchain technology.