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The original was posted on /r/cryptocurrency by /u/mbdtf95 on 2023-08-12 01:57:41.

This is VISA’s most recent post about their plan:

In their report of how they’re thinking of bringing this possibility of paying blockchain fees with card they’re claiming it could bring down the gas fee amount, and simplify the whole process, so you don’t have to use or have Ethereum to actually process a transaction on blockchain.

Not sure if this is a positive or negative, but I do know it’s a positive to see huge giant company like VISA trying to get a piece of cake in crypto space, and realizing huge future potential of more mainstream adoption of cryptos.

This is one of the excerpts from the whole report:

This proposed solution utilizes Ethereum’s ERC-4337 standard and a paymaster contract, allowing Visa cardholders to directly cover their gas fees. We believe that this innovative and adaptable approach can help streamline the onboarding process for new crypto users and improve the experience for current users.

In this proposed solution, we once again put the paymaster at the heart of the process. A paymaster is a specialized type of smart contract account that can sponsor gas fees for user Contract Accounts (think of these as user-centric smart contracts). Our proposed solution liberates users from the need to hold native blockchain tokens or constantly engage in bridging tokens merely to cover gas fees.

This definitely might simplify complication of crypto for less tech savy people. Sometimes it is complicated and confusing for newer individuals to have to know they need to have Ethereum to make some transaction on Ethereum network that doesn’t involve transacting Ethereum but some other token. Might be a step further for mainstream adoption.