Visa Unveils Experimental Fee Payment Solution
Visa presented an experimental solution on Ethereum that simplifies the process of paying commissions on the network. Development on the Goerli testnet simplifies the interaction between users and the network using account abstraction technology and the ERC-4337 standard. Users no longer need to have ether (ETHER) on their balance to pay fees. They can pay fees in any token, such as USD or USDT. Visa may also cover these fees.
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The main component of the solution is âpaymasterâ - a specialized smart contract that functions as a commission sponsor for user accounts. Users can now pay fees directly through their Visa card without touching blockchain tokens.
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Visa first expressed interest in account abstraction in December 2022. But the functionality was implemented only in March 2023, when the developers implemented the ERC-4337 code, which provides abstraction of Ethereum accounts using specialized smart contracts.
