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- Gas fees are crucial in every token transfer executed via smart contracts.
- The suggested card-based payment for gas fees is selected as the more accessible option.
Visa, a multinational financial services company based in the United States, has introduced a simplified approach to traditional payment services for the cryptocurrency sector. Following the implementation of automatic payments for self-custodial wallets, Visa now facilitates transactions for blockchain gas fees.
In a blog entry released on Thursday, Visa announced the completion of testing a system that would allow customers to settle on-chain gas fees using fiat currency through card transactions. By leveraging the paymaster innovation, the company stated that their solution has successfully passed all required tests on the Ethereum Goerli Testnet.
Easier Transaction
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In the intricate process of cryptocurrency transactions, gas fees are essential for every token transfer conducted through smart contracts. With efforts focused on reimagining digital transactions utilizing account abstraction, the Visa card simplifies the process through the implementation of Paymaster.
Additionally, the team aims to minimize friction on the blockchain by integrating the paymaster concept with Account Abstraction. This approach positions the proposed card-based gas fee payment as a more user-friendly alternative for digital transactions.
The implementation of the ERC-4337 core team remains active on GitHub under the GPL 3.0 license. Supported by the necessary SDKs and APIs, the developer team utilizes its own CyberSource. Despite encountering some discrepancies, the proposed solution enables decentralized applications (dApps) to accept gas fees via Visa card payments.
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