Gas Wallets

Gas wallets are a method for merchants to pay transaction fees in blockchain networks.

What is a Gas

In blockchain networks, you have to pay a fee for every transaction you make, like sending tokens. The amount of this fee is measured in units called "gas". Think of gas as the "fuel" needed to process your transaction on the network. The fees for all transactions are denominated and paid in the native token of the network.

What is a Native Token

A native token is like the "money" of a specific blockchain. It is used to pay transaction fees on that network. For example, if you want to transfer USDT, you would also need to pay a network fee in the native token. This can be confusing for users. That's why we've created gas wallets at Smarty Pay to simplify the payment process by handling the native token fees automatically.

Why use Gas Wallets?

In previous sections, we covered the concepts of gas, network fees, and native tokens. Smarty Pay makes it easy for merchants to deal with these by using gas wallets. A gas wallet is a special address on a blockchain network that is accessible to the Smarty Pay system. System pays all necessary network fees by taking the required native tokens from the specified gas wallet.

Merchants simply need to create a gas wallet on the desired blockchain and deposit a minimum amount of native tokens. After that, Smarty Pay handles all fee payments by it.

Depending on the merchant's needs, a gas wallet can cover various transaction fees within a blockchain network.

Examples:

Processing payments from customers using Gmail for login
Handling QR code payments
Creating subscriptions

The more services a merchant wants to provide, the more often it needs to use the blockchain. This means they'll need to have more of the network's native tokens to cover fees.

Can I skip using Gas Wallet?

You can't completely skip the gas wallet as it is also using for the withdrawal of tokens received from clients. However, you can minimize the amount of native tokens deposited into the gas wallet and not use all the features of our system. This will help you save money on gas fees.

We offer gas wallets specifically to increase customer reach by allowing merchants to subsidize transaction fees.

Setup

Once you've selected Active Assets for accepting payments, our system will automatically create gas wallets in the selected networks. Navigate to the Settings section on the left menu and click to Reload Data button in Gas Wallets block to see created gas wallets.

Gas wallet creation

Now you can see the gas wallet address and its current balance. For more details click to View wallet button.

Gas wallet balance and other options

Balance

Initially, the gas wallet does not contain any native network tokens. You will need to fund the wallet address yourself.

Copy the blockchain address of the wallet for a particular network and transfer a small amount (0.2 minimum) of native tokens into it (In this example of Binance TestNet in will be BNB).

Gas wallet address and Copy option

You can get free TestNet native tokens from public faucets like:

Once you've successfully added funds to your gas wallet, please refresh the Gas Wallet status to see your new balance.

Gas wallet has valid balance

Spending

Smart Pay tracks all native tokens spent from your gas wallets so you can see exactly where it's going. To check your spending history, go to the "Gas Spending" section on the Dashboard.