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Payment giant Visa announced that tests conducted on the Ethereum Goerli test network (testnet) to enable users who use credit or debit cards to pay gas fees directly with fiat currency have been successfully completed. Visa’s technical team aims to develop a payment solution by creating a payment contract using account abstraction and the ERC-4337 standard.
A New Era Begins in Ethereum
Visa has been conducting tests for some time to enable users with credit or debit cards to use the Ethereum (ETH) network and pay gas fees, or transaction fees, directly with money. Indeed, Visa’s technical team announced that tests conducted on the Ethereum Goerli test network have been successfully completed.
After the successful completion of the tests, Visa’s technical team plans to offer a targeted payment solution through a payment contract they will develop using account abstraction and the ERC-4337 standard. If the targeted solution is implemented, gas fees incurred for transactions on the Ethereum network can be paid directly using Visa-branded credit or debit cards.
What is Gas Fee on the Ethereum Network?
Ethereum, a blockchain where decentralized applications and smart contracts are executed, uses a unit called “gas” to perform any transaction or execute a smart contract. Gas in Ethereum serves a similar function to fuel in a car; just as a car needs fuel to move, transactions on Ethereum require gas to be executed.
Gas is used to measure transaction fees. Depending on how complex a transaction or smart contract is, a certain amount of gas may be required. The total fee paid by the user is equal to the amount of gas used multiplied by the price per gas unit (usually expressed as “gwei”).
In short, gas in Ethereum represents the fees paid to ensure the smooth operation of transactions and smart contracts. Due to price fluctuations, gas fees can sometimes increase due to network congestion.
