Visa’s crypto solution: pay on-chain gas fees via credit card.
, enabling off-chain gas fee settlement. The process involves the user triggering an Ethereum transaction via wallet, sent to the paymaster.The web service computes the gas fee and charges Visa using Cybersource. Subsequently, ais provided and momentarily validated, then attached by the wallet before being sent to Ethereum. Paymaster verifies the signature and covers the gas fee.
This sequence of steps allows the user to directly pay gas fees with their Visa card off-chain, eliminating the need for users to hold ETH merely for paying fees. According to the publication, Visa has trialed this concept on the Ethereum Goerli testnet, utilizing available , such as Stackup’s userop.js library. The trial transactions effectively covered fees through the Paymaster, bypassing the requirement for ETH.Notably, this concept has the potential to reduce friction for blockchain users and allows the user to directly pay gas fees with their Visa card off-chain, eliminating the need for users to hold ETH merely for paying fees.
The report also suggested wider ramifications, highlighting the potential for merchants or decentralized applications to utilize the Paymaster framework to improve customer interactions, facilitating gas fee payments using Visa cards. This innovation may also create opportunities for current wallet and Paymaster providers to introduce options for Visa card-based gas fee payments.
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