Payments app Oobit expands with South Africa launch
Global payments app Oobit has announced its launch in South Africa, allowing users to make purchases at over 100 million Visa-accepting merchants globally by connecting any self-custody wallet.
This service is available for both in-store and online transactions, as well as for cross-border payments.
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Oobit’s decentralised settlement layer, dubbed DePay, is said to support gasless, on-chain payments from user-controlled wallets directly, and once authorised, payments are executed by a smart contract.
With this solution, users can pay at any Visa-accepting merchant instantly, maintain control over their current wallets, and receive up to 10% cashback in eligible currencies on qualifying purchases.
Oobit said that the practical requirements, such as cross-border payments, inflation hedging, and improving access to financial services, prompted the region’s adoption of crypto.
The capital control environment in South Africa have traditionally restricted direct spending of digital assets, according to Oobit.
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By GlobalDataThe company claims to address this by converting stablecoins to fiat currency at the time of purchase using regulated Visa rails.
Merchants receive fiat payments instantly, while users retain full control over their wallets.
This approach complies with current financial guidelines and does not require merchants to make any operational adjustments.
The South African rollout comes after the company’s expansions into the Philippines, Thailand, and Brazil recently.
Each new market supports the company’s goal of enabling stablecoin spending wherever Visa is accepted.
Oobit CEO Amram Adar said: “South Africans already trust stablecoins as everyday money.
“Users can finally spend USDT and other anywhere on chain with almost zero fees. When money meets this combination of benefits, our vision becomes real. Wallets will replace banks. Stablecoins will be the new money. Crypto will become the default.”
Oobit also recently announced a partnership with Stable, a Layer 1 blockchain network tailored to facilitate stablecoin-based transactions across supported assets.
Through this collaboration, Tether (USDT) users on Stable will be able to make payments online or in-store at more than 80 million merchants across regions, including South Korea, Argentina, the US, Singapore, Nigeria, the UAE, Brazil, and more than thirty other countries.
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