Global payment technology , VISA, announces accomplishments In implementing the payment of gas fees on the ethereum network directly using a credit or debit card, this innovative move is expected to open the door towards a significant increase in the availability and accessibility of decentralized applications running on the ethereum blockchain.
The successfully completed testing took place on the goerli ethereum testnet, an environment that simulates key functionality of the ethereum mainnet. The Visa technical team conducted a series of experiments involving a combination of innovative technologies, including payment master agreements, account abstraction, and the erc-4337 standard.
The initiative is primarily aimed at delivering a simpler user experience when interacting with ethereum-based applications, by reducing complexity related to transaction fees. Gas fees, which cover the operational costs of running transactions on the ethereum network, were previously measured in ether (ETH), the network’s native cryptocurrency. In an effort to bridge the gap between the crypto world and conventional currencies, VISA seeks to allow gas fee payments in the form of fiat currency.
This move is expected to overcome the obstacles faced by those who are unfamiliar with cryptocurrencies or prefer traditional payment methods. Although this trial was conducted on the goerli ethereum testnet, its impact extends to the ethereum mainnet as well as potentially to various other blockchain networks.
As we continue to explore the crossover between conventional financial infrastructure and blockchain technology, the success of this experiment demonstrates important capabilities in the evolution of the digital payments landscape. VISA has proven that the potential of using credit or debit cards in paying for ethereum gas is a real step towards a more efficient and proprietary payment future.
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