Visa Pilots 'Paymaster' Feature To Simplify Crypto Gas Fees

Visa is testing a feature to simplify on-chain gas fee payment in crypto transactions, reported Forbes India.

The global payment solutions leader aims to eliminate the hassle of managing Ethereum ETH/USD balances to cover fluctuating gas fees with the help of a “Paymaster” smart contract.

An off-chain approach for gas fee settlement begins, this solution addresses the significant challenge faced by crypto users, who typically need to acquire ETH from exchanges or on-ramp services and transfer it to their wallets to cover variable gas fees. The solution involves using Ethereum’s ERC-4337 standard.

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With Visa’s new feature, users could directly pay gas fees using their Visa cards, introducing a new level of convenience to crypto transactions.

Image via Shutterstock/ Tony Stock

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