Ethereum: Payment processor Visa advances first big milestone in ETH smart contracts testing
Raj Parekh, CEO of Portal and previously at Visa Crypto, is excited about the recent advancement, saying:"A Visa-powered paymaster could be a large driver of growth for the ecosystem."
Visa previously proposed a system known as"account abstraction," or AA, wherein smart contracts can be used to enable automated programmable payments on Ethereum.Visa has published a report on its experiments with ERC4337 . On March 1, 2023, ERC-4337 was rolled out to the Ethereum mainnet, adding the ability for smart contracts to transact on behalf of the user.
In this experiment, Visa put together two prototypes that demonstrate potential use cases of a new Paymaster flow: first, using the Paymaster to facilitate the use of ERC20 tokens to pay for gas fees, and second, completely covering the gas fees for a transaction. In the second experiment, a paymaster contract was setup that completely covers the gas fees for user txns. In their sample implementation, the user must be whitelisted to be sponsored .
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