Finally, Visa brought a solution to eliminate the need for native crypto tokens on any crypto network for the network users.
Visa is an American multinational financial services corporation headquartered in San Francisco, California. This payment giant provides electronic funds transfers throughout the world, most commonly through Visa-branded credit cards, debit cards, and prepaid cards. To remain top in the payment firm industry, this company also works in the crypto & blockchain sectors.
On 11 Aug 2023, Mustafa Bedawala, staff product manager at Visa, unveiled that Visa developed a new solution called “PayMaster” to simplify Crypto transactions.
According to Mustafa, Visa will pay the gas fee on the crypto network on behalf of the customer with the help of the PayMaster solution.
As all of us know very well that if we want to transfer any crypto token via the Ethereum network then we need to pay the gas fees with Ethereum coin (ETH). So we always need to maintain some particular amount of ETH tokens in the wallet. This thing is the same across every crypto network and such things create a problem for the crypto users to deal with several crypto networks.
Visa’s devs saw this complication across different crypto networks, so they developed PayMaster. So far their solution is in the testing mode on the Ethereum testnet blockchain.
Here people need to understand that PayMaster will not bring any change in the basic crypto transaction process, instead, it will do all the complicated work for the PayMaster users in the back-end via a smart contract Protocol.
The first time Visa talked about this crypto solution in Dec 2022 via a blog post, and later in March of this year Visa’s crypto devs boosted their efforts to develop this solution.