CryptoMediaClub
Sunday, June 1, 2025
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis
No Result
View All Result
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis
No Result
View All Result
CryptoMediaClub
No Result
View All Result
Home All news

Visa Pilots Innovative Approach for Paying On-Chain Gas Fees with Visa Card

12.08.2023
A A
0
126
VIEWS
ShareShare

American payment goliath Visa is exploring ways to facilitate payment of on-chain gas fees through the use of a Visa card.

In a recent report, Visa’s Product Manager Mustafa Bedawala emphasized a challenge associated with cryptocurrency wallets faced by users which requires them to constantly manage their ETH balance to cover gas fees.

The company is experimenting with an option to enable users to pay their on-chain gas fees directly in fiat money through card payments, thereby simplifying blockchain transactions.

Visa’s Solution for Gas Fees

Under Visa’s scenario, users may no longer need to hold native tokens specific to a blockchain exclusively to cover gas fees. This resolution would leverage Ethereum’s ERC-4337 standard and a ‘Paymaster’ contract, allowing customers to utilize a Visa card for the direct payment of gas fees.

This approach is not only expected to be a major relief for existing users but is also designed to help streamline the onboarding process for new ones.

ADVERTISEMENT

“Our proposed solution liberates users from the need to hold native blockchain tokens or constantly engage in bridging tokens merely to cover gas fees. From a user’s perspective, this solution is appealing in its simplicity and ease of adoption.”

Visa suggests a solution that involves receiving the user’s gas fee payment off-chain through a Visa card and subsequently covering the equivalent sum on-chain on their behalf. This process simplifies the gas fee experience, resembling a typical card payment transaction.

The setup implemented by the payments firm to permit the off-chain gas payment capability is centered around a ‘Verifying Paymaster,’ which is essentially a smart contract that delegates all necessary checks and sourcing of information to an off-chain component.

The on-chain paymaster smart contract can then utilize the information and authorization provided by the off-chain component to validate and execute the payment for the gas fee.

The payment is processed via Cybersource, and the web service produces a digital signature. Successful verification of the signature indicates that the web service has indeed received the card payment to facilitate the operational expenses. In such a case, the paymaster contract will operate without any errors and will cover the associated gas fee accordingly.

Gasless Transactions

Visa has experimented with this idea on the Ethereum Goerli testnet, making use of accessible open-source tools like Stackup’s userop.js library. The trial transactions successfully handled fees via the Paymaster, eliminating the need for ETH in the process.

SPECIAL OFFER (Sponsored) Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).
PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO50 code to receive up to $7,000 on your deposits.

Share10Tweet6ShareSharePin2

Related Posts

Crypto Regulation Chaos: Trump Dinner, $2.5B Bitcoin Play, SEC Drops Binance Suit
All news

Crypto Regulation Chaos: Trump Dinner, $2.5B Bitcoin Play, SEC Drops Binance Suit

01.06.2025
0

It’s been a blockbuster week in U.S. crypto regulation, as power players in Washington and Wall Street grapple with digital...

Read moreDetails
JD.com Stablecoin Hits Phase 2 Hong Kong Sandbox Testing and Targets Global Payments

JD.com Stablecoin Hits Phase 2 Hong Kong Sandbox Testing and Targets Global Payments

01.06.2025
Banana Gun’s 88% Snipe Wins To Be Eclipsed By Snorter Token, New Solana Meme Trading Bot Raises $260,000 in 2 Days 

Banana Gun’s 88% Snipe Wins To Be Eclipsed By Snorter Token, New Solana Meme Trading Bot Raises $260,000 in 2 Days 

01.06.2025
Two NYPD Allegedly Officers Caught in Crypto Kidnapping Storm, Duties Curtailed

Two NYPD Allegedly Officers Caught in Crypto Kidnapping Storm, Duties Curtailed

01.06.2025
Bitcoin Price Prediction: Post-$827M Liquidation Carnage – Can BTC Reclaim $104k Amid ETF Inflows?

Bitcoin Price Prediction: Post-$827M Liquidation Carnage – Can BTC Reclaim $104k Amid ETF Inflows?

01.06.2025
Load More
Next Post
ApeCoin (APE) Surges 9% While Major Altcoins Bleed

ApeCoin (APE) Surges 9% While Major Altcoins Bleed

0 0 votes
Рейтинг статьи
Subscribe
Notify of
guest
guest
0 комментариев
Oldest
Newest Most Voted
Inline Feedbacks
View all comments

Recommended

Cardano’s Path to Dethroning Crypto Titans Bitcoin and Ethereum

Cardano’s Path to Dethroning Crypto Titans Bitcoin and Ethereum

2 years ago
XRPL Account Growth Skyrockets Amid Rising Optimism in the Community

XRPL Account Growth Skyrockets Amid Rising Optimism in the Community

2 years ago

Here’s How Much BTC, ETH, and Stablecoins Are Held by North Korea’s Lazarus Group: Data

2 years ago
Will Fan, CEO of NewCampus, on Market Downturn Opportunities, Integrating Web3 into Education, and Future of Education | Ep. 351

Will Fan, CEO of NewCampus, on Market Downturn Opportunities, Integrating Web3 into Education, and Future of Education | Ep. 351

11 months ago

Categories

  • All news
  • Altcoins
  • Analysis
  • Bitcoin
  • Blockchain
  • Ethereum
  • NFT
No Result
View All Result

Highlights

Two NYPD Allegedly Officers Caught in Crypto Kidnapping Storm, Duties Curtailed

Bitcoin Price Prediction: Post-$827M Liquidation Carnage – Can BTC Reclaim $104k Amid ETF Inflows?

Ethereum Price Prediction: ETH at $2,517 After Sharplink Gaming’s $48M Institutional Buy-in News — SEC Filing Sparks Bullish Sentiment

BlackRock’s IBIT Sees $430M Outflow, Ending 31-Day Inflow Streak

FTX Recovery Trust Begins $5B Second Payout to Creditors

Solana Price Prediction: SOL Falls to $154.40 With 11.7% Week Decline – Can It Bounce Back to $200?

Trending

Crypto Regulation Chaos: Trump Dinner, $2.5B Bitcoin Play, SEC Drops Binance Suit
All news

Crypto Regulation Chaos: Trump Dinner, $2.5B Bitcoin Play, SEC Drops Binance Suit

01.06.2025
0

It’s been a blockbuster week in U.S. crypto regulation, as power players in Washington and Wall Street...

JD.com Stablecoin Hits Phase 2 Hong Kong Sandbox Testing and Targets Global Payments

JD.com Stablecoin Hits Phase 2 Hong Kong Sandbox Testing and Targets Global Payments

01.06.2025
Banana Gun’s 88% Snipe Wins To Be Eclipsed By Snorter Token, New Solana Meme Trading Bot Raises $260,000 in 2 Days 

Banana Gun’s 88% Snipe Wins To Be Eclipsed By Snorter Token, New Solana Meme Trading Bot Raises $260,000 in 2 Days 

01.06.2025
Two NYPD Allegedly Officers Caught in Crypto Kidnapping Storm, Duties Curtailed

Two NYPD Allegedly Officers Caught in Crypto Kidnapping Storm, Duties Curtailed

01.06.2025
Bitcoin Price Prediction: Post-$827M Liquidation Carnage – Can BTC Reclaim $104k Amid ETF Inflows?

Bitcoin Price Prediction: Post-$827M Liquidation Carnage – Can BTC Reclaim $104k Amid ETF Inflows?

01.06.2025
  • All news
  • Altcoins
  • Bitcoin
  • Blockchain
  • Ethereum
  • NFT
  • Analysis
Editor: cryptomediaclub.com@gmail.com
Advertising: digestmediaholding@gmail.com

Disclaimer: Information found on CryptoMediaClub is those of writers quoted. It does not represent the opinions of CryptoMediaClub on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoMediaClub covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.

© 2023 Crypto News. All Rights Reserved

No Result
View All Result
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis

Disclaimer: Information found on CryptoMediaClub is those of writers quoted. It does not represent the opinions of CryptoMediaClub on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoMediaClub covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.

© 2023 Crypto News. All Rights Reserved

wpDiscuz