Payment giant Visa has unveiled technology that allows you to pay fees for blockchain transactions using fiat currencies directly from a bank card.
The official Visa blog has announced a new technology designed to transform Web3 and bring mass adoption closer. The technology presented by the company makes it possible to pay fees for transactions on the blockchain (Gas) using fiat currencies directly from a bank card. To do this, Visa uses the ERC-4337 standard and the Paymaster smart contract.
The Gasoline payment process with a bank card involves the use of various intermediation services when making a transaction. First, Paymaster calculates the commission amount, then Cybersource debits the required amount from the user’s card. After that, the service generates a digital signature, which is attached to the transaction before sending the data to the blockchain. The culmination of the process is the verification of the Paymaster signature, after which the service covers the Gas fee.
The introduction of the technology will greatly simplify the conduct of any transaction on Web3. In particular, users will no longer need to maintain a balance in ETH just to have access to tokens. In addition, Visa’s innovation will greatly expand the possibility of projects at the junction of Web2 and Web3: it will be easier for them to attract users without experience in crypto transactions.
Author:
Grigory Shcheglov
Source: RB
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.
