Introducing Gnosis Pay: The Future of Crypto Payments is Here

Gelato Team

•

Jul 17, 2023

TLDR;

Gnosis Pay is a decentralized payment network revolutionizing financial transactions by integrating web3 technology with traditional systems like Visa. It allows users to pay with crypto anywhere Visa is accepted.

The integration of Gnosis Pay with Gelato Relay enables secure, gasless, and cost-efficient transactions, bridging the gap between web3 and traditional finance.

“There are 600+ billion credit card transactions executed every year, those will at some point be initiated via public blockchains powered by Gelato Relay."
– Hilmar Orth, Gelato Network Co-founder

Background

The financial sector still runs on outdated systems, with Visa and MasterCard monopolizing payments through slow, multi-intermediary processes. This inefficiency creates the perfect environment for disruption by decentralized solutions like Gnosis Pay.

Gnosis Pay

Redefining Payment Networks

Gnosis Pay connects web3 developers to traditional payment systems such as Visa, bringing millions into the crypto economy. It enables users to spend tokens seamlessly, enhancing fiat-to-crypto on/off ramps and enabling access to DeFi services.

The First Self-Custodial Debit Card

The Gnosis Card is the world’s first Visa-certified, self-custodial debit card. Linked directly to an on-chain wallet, it gives users complete control over their assets while maintaining the same usability and security as a traditional debit card. It even allows personalization with on-chain assets like NFTs.

Gnosis Pay: Under the Hood

Built on Optimism’s Bedrock L2 and finalized on Gnosis Chain L1, Gnosis Pay ensures scalability, low fees, and seamless connections via liquidity and fiat bridges. This infrastructure powers real-world transactions with crypto-backed accounts.

Key Features

Gasless Transactions: Users don’t pay gas fees on L2.
Instant Confirmations: Transactions settle quickly for a smooth user experience.
Account Abstraction: Built on Safe contracts, simplifying gas and wallet management.
SEPA Integration: Easy conversion between fiat and crypto.
Cross-Chain Transfers: Zero-cost liquidity bridges connect assets across chains.
P2P Transactions: Peer-to-peer transfers without KYC.
KYC/KYT Compliance: Integrated for regulation-ready operation.

Gelato Relay & Gnosis Pay

Gelato Relay is central to Gnosis Pay, enabling gasless wallet creation and transaction execution.

Gasless Wallet Creation

Every user gets a Safe multisig wallet with a deterministic address, created gaslessly. No upfront costs make onboarding seamless.

Transaction Processing

When purchases occur, Gelato Relay transfers funds from the user’s Safe to an off-ramp service, which converts crypto to fiat and settles with merchants via Visa or Mastercard.

This ensures a smooth, gasless, and cost-efficient transaction process, shielding users from gas price volatility.

Ready To Go Deeper?

A New Era of Financial Transactions

Gnosis Pay redefines the relationship between traditional finance and web3 by enabling businesses and individuals to transact seamlessly across fiat and crypto. It also extends to B2B products, allowing businesses to issue debit/credit cards with customizable spending limits via Safe modules.

This launch is just the beginning of a journey toward a more inclusive, interconnected financial ecosystem.

About Gelato

Gelato is web3’s decentralized backend, relied on by over 400 projects, powering millions of automated, gasless transactions across DeFi, NFT, and Gaming on Ethereum, Arbitrum, Polygon, Optimism, zkSync, and more.