- Visa has completed testing of paying for gas with a bank card.
- The experiment was conducted on the Ethereum Goerli test network.
- The company wants to make crypto payments more convenient and accessible.
Visa has completed testing of paying gas fees on the Ethereum network using a credit or debit card. The company specified that the test was conducted on the Goerli test network.
“Our experiment aims to offer a convenient solution for transaction fees on various networks,” Visa’s technical team wrote.
The experts explained that thanks to Visa’s new product, merchants and developers of decentralized applications (dApps) will be able to create their own solutions for users. In addition, it will be possible to choose to pay for gas with the card depending on the tariff.
The experiment was part of Visa’s blockchain development program. The company is working to make cryptocurrency payments more convenient and accessible to consumers.
Visa previously tested converting digital assets to fiat on the Ethereum blockchain. It examined settlement payments in USDC stablecoin using digital and traditional currencies.
In the context of transactions on blockchains such as Ethereum, every transaction conducted incurs a cost known as a “gas fee”. This refers to the computational effort required to execute a transaction. Gas fees help keep the Ethereum network secure,
In April 2023, transaction fees on the Ethereum network topped $20. Already in June, it had fallen to a two-month low. At the time of writing, the gas fee is $4.11, according to Etherscan.