An Ethereum blockchain-based system to make transaction fees, or “gas fees,” easier has been tested by Visa.
Visa Has Been Actively Exploring The Cryptocurrency Sector
Visa has finished testing a system to make paying transaction fees, or “gas fees,” on the Ethereum blockchain easier. Most users find the present gas payment methods unnecessarily complex, the firm claims. Visa noted in a blog post that although blockchain technology has gained a lot of traction recently, people still find it challenging to understand the nuances of on-chain transactions.
A gas fee is required for every Ethereum transaction, which requires one to have enough Ether (ETH) in their wallet to pay the fee. A paymaster contract should be used along with the ERC-4337 Ethereum standard, which allows smart contracts to be used as wallets. By using the paymaster agreement, users can directly pay for gas with a Visa card, which could save them time and money.
As part of this process, the Ethereum Goerli testnet was utilized for testing. Visa expects merchants or decentralized applications to use their existing wallets or paymaster systems to accelerate transactions. This method attempts to improve the use and accessibility of blockchain-based transactions by allowing users to pay petrol fees using a Visa card. Visa has been actively investigating the crypto sector, including the possibility of taking USDC settlement payments on Ethereum.