Global payment technology giant Visa has announced the successful completion of a test that allows users to pay gas fees on the Ethereum network directly using credit or debit cards.
Visa Successfully Tested
This groundbreaking development marks a significant step forward in increasing the availability and accessibility of decentralized applications (dApps) built on the Ethereum blockchain.
The test was conducted on the Ethereum Goerli testnet, a test environment that mirrors the functionality of the Ethereum mainnet.
Visa's technical team conducted the experiment using a combination of innovative technologies, including the paymaster agreement, account abstraction, and ERC-4337 standards.
The primary goal of this initiative is to simplify the user experience when interacting with Ethereum-based applications by removing the complexities associated with gas fees.
Gas fees, which are essentially transaction fees required to run transactions on the Ethereum network, have historically been expressed in Ethereum Ether (ETH), the network's native cryptocurrency.
Visa, on the other hand, is trying to make it possible to pay these gas fees in fiat currencies.
This has been a stumbling block for those less familiar with cryptocurrencies or preferring traditional payment methods.
While this test was conducted on the Ethereum Goerli testnet, its implications extend to the broader Ethereum mainnet and potentially to other blockchain networks.
As Visa continues to explore the intersection of traditional financial infrastructure with blockchain technology, the successful completion of this experiment marks an important milestone in the continued evolution of the digital payments landscape.
*Not investment advice.