Visa Explores Account Abstraction on Ethereum’s Goerli Testnet

This strategic partnership aims to leverage the testnet’s capabilities to experiment with a groundbreaking concept known as account abstraction. By tapping into Ethereum’s robust infrastructure, Visa aims to further enhance its payment systems and explore new possibilities for the future of finance.

Exploring Account Abstraction

Visa’s decision to utilize the Goerli testnet signifies its commitment to staying at the forefront of innovation in the payment industry. Account abstraction, a concept that simplifies transaction processes, could potentially revolutionize the way financial transactions are conducted on the Ethereum network.

The Power of Goerli Testnet

Goerli, one of Ethereum’s prominent testnets, offers a secure and scalable environment for organizations to experiment with new technologies before deploying them on the mainnet. By partnering with Goerli, Visa gains access to a robust ecosystem where it can test and validate the feasibility of implementing account abstraction on a large scale.

Driving Financial Transformation

Through this collaboration, Visa aims to push the boundaries of traditional financial systems by leveraging Ethereum’s decentralized infrastructure. Account abstraction could potentially eliminate the need for users to hold multiple cryptocurrencies, streamlining payment processes and improving overall efficiency.

Enhancing Payment Systems

Visa’s decision to experiment with account abstraction reflects its commitment to continuously improving payment systems. By leveraging Ethereum’s Goerli testnet, Visa can test the feasibility of integrating this innovative concept into its existing infrastructure. This move has the potential to streamline payment processes, reduce costs, and enhance user experiences.

Unlocking New Possibilities

Visa’s collaboration with Ethereum’s Goerli testnet paves the way for exciting possibilities in the world of finance. By experimenting with account abstraction, Visa aims to unlock new avenues for seamless cross-border transactions, micropayments, and other innovative financial services. This partnership signifies Visa’s dedication to driving financial inclusion and fostering the adoption of emerging technologies.

In conclusion, Visa’s decision to partner with Ethereum’s Goerli testnet to experiment with account abstraction highlights its commitment to innovation in the payment industry. By exploring this groundbreaking concept, Visa aims to enhance payment systems, streamline transactions, and unlock new possibilities for the future of finance. This collaboration marks an important milestone in the journey towards a more efficient and inclusive global financial ecosystem.

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As a payment gateway that facilitates transactions between traditional fiat currency and cryptocurrency, it is advantageous to have strong and direct relationships with all major payment institutions. Acting as the connecting ‘bridge’ between traditional finance and cryptocurrency, Alchemy Pay is currently able to process fiat payments to purchase cryptocurrencies for Visa cardholders in 173 countries.

Visa’s global network facilitates digital payments across more than 200 countries and territories. Among a set of consumers, merchants, financial institutions, businesses, strategic partners, and government entities. There are currently 3.9B Visa cardholders worldwide.

The Alchemy Pay as an Official Visa ISO Merchant (ISO — M)

Alchemy Pay is now registered to conduct merchant solicitation, sales, customer service, merchant transaction solicitation, or merchant training activities. Alchemy Pay can now also act on behalf of a client for merchant solicitation and sales.

About Third-Party Agents

A TPA is a type of agent, not directly connected to VisaNet, that provides payment-related services, directly or indirectly, to a Visa client and/or stores, processes, or transmits Visa cardholder data. The terms agent, gateway, service provider, and third-party processor are all various terms for third-party agents.

About the Third Party Agent Registration Program

The Third Party Agent Registration Program is a Visa-mandated program establishes to ensure that Visa clients comply with the Visa Rules, Payment Card Industry Data Security Standard (PCI DSS), and other applicable security standards regarding their use of Third Party Agents. Agent registration requires for all entities. Providing solicitation activities, managed services, and/or storing, processing, or transmitting Visa cardholder data for Visa clients. Visa clients require to perform due diligence. Reviews to ensure that they understand the agent’s business model, financial condition, background, and PCI DSS compliance status.

Alchemy Pay On & Off Ramp

Alchemy Pay’s On & Off Ramp has been integrated by crypto platforms and dApps such as DEXs, CEXs, crypto wallets, NFT Marketplaces, play-to-earn gaming, DeFi protocols, and specialist projects.

The ramp solution is fully customizable and integrates with full support via API and/or plugin. It supports Mastercard, Visa, and Apple Pay in 173 countries, as well as large-scale banking systems such as SEPA in Europe.

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Alchemy Pay

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As a payment gateway that facilitates transactions between traditional fiat currency and cryptocurrency it is advantageous to have strong and also direct relationships with all major payment institutions. Acting as the connecting ‘bridge’ between traditional finance and cryptocurrency, Alchemy Pay is currently able to process fiat payments to purchase cryptocurrencies for Visa cardholders in 173 countries.

Visa’s global network facilitates digital payments across more than 200 countries and territories among a set of consumers, merchants, financial institutions, businesses, strategic partners and government entities. There are currently 3.9B Visa card holders worldwide.

Alchemy Pay as an Official Visa ISO Merchant (ISO — M)

Alchemy Pay is now registered to conduct merchant solicitation, sales, customer service, merchant transaction solicitation or merchant training activities. They can now also act on behalf of a client for merchant solicitation and sales.

About Third Party Agents

A TPA is a type of agent, not directly connected to VisaNet, that provides payment-related services, directly or indirectly, to a Visa client and/or stores, processes or transmits Visa cardholder data. The terms agent, gateway, service provider, third party processor are all various terms for third party agents.

About the Third Party Agent Registration Program

The Third-Party Agent Registration Program is a Visa-mandated program established to ensure that Visa clients comply with the Visa Rules, Payment Card Industry Data Security Standard (PCI DSS) and other applicable security standards regarding their use of Third-Party Agents. Agent registration is required for all entities providing solicitation activities, managed services and/or storing. Processing or transmitting Visa cardholder data for Visa clients (or on behalf of their merchants or agents). Visa clients are required to perform due diligence reviews. To ensure that they understand the agent’s business model, financial condition, background and also PCI DSS compliance status.

Alchemy Pay On & Off Ramp

Alchemy Pay’s On & Off Ramp has been integrated by crypto platforms and dApps such as DEXs, CEXs, crypto wallets, NFT Marketplaces, play-to-earn gaming, DeFi protocols, and specialist projects.

The ramp solution is fully customizable and is integrated with full support via API and/or plugin. It supports Mastercard, Visa, and Apple Pay in 173 countries. As well as large scale banking systems such as SEPA in Europe. Beyond global and also continental methods, the ramp supports major regional wallets across the globe. With a particular focus on emerging markets such as Southeast Asia and Latin America. A full list of supported fiat payment methods, fiat currencies and also current integrations are listed on Alchemy Pay 2022: Year in Review.

About Alchemy Pay

Alchemy Pay (ACH) is a payment solutions provider that seamlessly connects fiat. And a crypto economy for global consumers, merchants, developers, and also institutions.

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This ingenious loyalty platform is expected to help millions of merchants grow businesses and contribute. To rapidly stimulating the global economy as well as bring Web3 to the masses.

How does it work?

ShopNEXT utilizes the card-linked feature of the Visa Offers Platform. That allows any user to link a Visa card to their mobile app. Through VisaNet, ShopNEXT will be able to track all successful card payment transactions and reward users with the token on top of them, instantly. ShopNEXT token is a kind of loyalty point but the difference is that it is developed on blockchain.

Moreover, ShopNEXT also introduces in-app gameplay and NFT cards. Which give users options to boost their earning rewards. ShopNEXT Collaborates with Visa, Shopping, gamification, and NFT will create an innovative Shop-To-Earn model.

How can it be a sustainable model?

Unlike other models like Play-To-Earn or Move-To-Earn, Shop-To-Earn is much more sustainable. Because it contributes real value to the economy by building a win-win collaboration with all parties involved. Users are encouraged to shop more to earn more token rewards. It helps merchants grow their businesses.

To strengthen the model’s uniqueness, ShopNEXT defined a new term called External Profit Reserve (EPR). ShopNEXT Collaborates with Visa, 100% of the profit from merchants and card issuers’ sales commission will be sending to the EPR to back all the tokens issuing on the market. This is to make sure every token has an intrinsic value that is generating by users through their shopping.

About ShopNEXT

ShopNEXT is a Web3 Loyalty Platform by BNB Chain. We utilize card payment with support from card-linked solution of Visa, NFT and gamification to invent to Shop-To-Earn model. ShopNEXT allows users to earn token rewards from daily shopping while helping merchants grow their businesses. ShopNEXT token is a kind of loyalty point but the difference is that it is developing on blockchain and is exchangeable.

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About Visa Inc.

Visa (NYSE: V) is a world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at Visa.com.

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SOURCE:

https://www.visa.com.vn/en_VN/about-visa/newsroom/press-releases/shopnext-partners-with-visa-to-launch-the-first-ever-web3-loyalty-platformthough.html

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