Ethereum: Payment Giant Visa Deploys First Paymaster Smart Contract on ETH Testnet

Cuy Sheffield, head of crypto at payment giant Visa, made known on Twitter the deployment of Visa's first paymaster smart contract on the ETH Goerli testnet. This comes as Visa continues to research and experiment with account abstraction and ERC-4337.

"Excited to see Visa deploy our first paymaster smart contract on the testnet as we continue to research and experiment with account abstraction and ERC-4337," Sheffield tweeted.

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 publishes experiment findings Visa has published a report on its experiments with ERC4337 (Account Abstraction). 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.

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