Pay Gas Fees with Your Visa Card: Visa Tests Crypto Card Solution

• Visa is testing a solution that allows users to pay for Ethereum gas fees using their Visa cards.
• The process involves the user triggering an Ethereum transaction via wallet, sent to the Paymaster.
• This concept has the potential to reduce friction for blockchain users and eliminate the need for users to hold ETH merely for paying fees.

Visa Introduces Crypto Gas Fee Payments

Visa is exploring a new solution that will enable users to pay for Ethereum gas fees using their Visa cards. Their innovative system employs ERC-4337 standard and Paymaster smart contract, allowing off-chain gas fee settlement without needing ETH in wallets.

How Does It Work?

The process begins with a user triggering an Ethereum transaction from their wallet, sent to the Paymaster. Then, the web service computes the gas fee and charges it with Cybersource, providing a digital signature that is validated before being attached by the wallet and sent to Ethereum. Lastly, Paymaster verifies the signature and covers the fee.

Benefits of The Solution

This new system eliminates the need for users to continually adjust their Ether balances for variable gas prices or overspend/have insufficient ETH, introducing more convenience into cryptocurrency usage. Furthermore, it reduces friction for blockchain users by allowing them to directly pay gas fees with their Visa card off-chain without having any ETH in their wallets.

Trial on Goerli Testnet

Visa has trialed this concept on Ethereum Goerli testnet using open source tools such as Stackup’s userop.js library, successfully covering fees through Paymaster without needing any ETH balance in wallets beforehand.

Conclusion

The introduction of this solution could potentially revolutionize how blockchain technology is used and accessed by everyday people around world with reduced complexity and effort required compared previously available solutions.