The payment giant, Visa is working on an experimental application that will allow users to pay Ethereum gas fees using their credit card.
According to the official blogspot, Visa has explored an option to allow users to pay onchain gas fees using fiat money directly through credit cards. It clarifies a problem citing that Ethereum users constantly have to manage their ETH balance in order to send transactions.
Generally, in order to use Ethereum and send transactions, users first have to purchase Ether from crypto exchanges and send it to another address. It all requires users to pay for trading fees as well as withdrawal fees to send Ether to the source address from crypto exchange.
Visa proposes the application to eliminate all these intermediary fees and processes to provide users with a seamless blockchain transactions experience. It leverages Ethereum’s ERC-4337 account abstraction standard with ‘paymaster’ smart contract that facilitates off-chain fee payments.
“We explored an option of how to allow users to pay their onchain gas fees directly in fiat money through card payments, thereby simplifying blockchain transactions,” Visa states in the blog.
The blog also states that the Visa team has experimented and successfully tested off-chain gas fee payments by deploying its contract on Goerli testnet.
Visa is actively experimenting with several crypto projects alongside its international fiat payment network. It onboarded new team to work on crypto products in April, 2023.
