Global Payments Giant Visa Experiments with Ethereum's Goerli Testnet – Here's the Latest
Global payments giant Visa has used Ethereum's Goerli testnet to try out transaction-free payments with the help of account abstraction.
On-chain data shows that Visa used a smart contract called Paymaster, allowing the company to take advantage of account abstraction to perform complex tasks on behalf of accounts and manage transaction costs.
The main purpose of the Paymaster contract is to allow users to pay gas fees with any token, eliminating the need for users to hold Ether in their wallets.
In a recent tweet, Cuy Sheffield, Head of Crypto at Visa, confirmed that the company has deployed its first paymaster smart contract on the Goerli testnet.
"Excited to see Visa deploy our first paymaster smart contract on testnet as we continue to research and experiment with account abstraction and ERC-4337," he said.
ERC-4337 is an Ethereum standard that achieves account abstraction on the protocol without any consensus-layer changes, allowing users to bundle and automate transactions on the network.
Visa also acknowledged that the method offers some level of flexibility and can enhance the payment experience when transacting in digital currencies.
"ERC-4337 lays down interesting future possibilities for improving on-chain user payments experience through a self-custodial smart contract wallet, which can in turn transform the way users engage with digital currencies and digital assets. "
Visa first announced the account abstraction project on its blog in December 2022. At the time, account abstraction was not yet used on the Ethereum network.
Notably, Visa's relationship with Ethereum dates back to at least 2021, when the company announced it was settling payments in the USDC stablecoin on the blockchain.
Visa has remained committed to
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