The process is too complex for the masses, the company said.
The payments company said blockchain technology could “shape the future of money movement” and has gained significant adoption in the past few years. However, facilitating transactions on-chain remains too complex for most users.
Every time a user conducts a transaction on Ethereum, he or she must pay a gas fee. That includes sending and receiving ether , the native cryptocurrency of the Ethereum blockchain, over the blockchain. Managing a user's ETH balance to cover those costs is “burdensome,” Visa said in the blog post. Eliminating the complexity could make blockchain-based transactions more accessible and user-friendly, Visa added.
“When comparing the complex nature of blockchain transactions with the simplicity of fiat-based payment transactions supported by the Visa network, it becomes evident that improvement is needed,” Visa said.
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