- Oobit integrates its Tap & Pay technology into The Open Network, streamlining transactions with Tether’s USDT and Tether Gold.
- The integration facilitates direct payments in fiat for merchants when customers use USDT, enhancing usability.
- Tether’s collaboration with Oobit aims to provide banking solutions to the unbanked and simplify cryptocurrency transactions.
Oobit has introduced its mobile payment application on The Open Network (TON), facilitating smoother transactions with Tether (USDT) and Tether Gold (XAUt). This integration is poised to enhance the merchant and customer experience by streamlining payments through Oobit’s innovative Tap & Pay technology.
Streamlining Digital Transactions
The recent integration of Oobit’s mobile payment system into TON allows merchants to receive payments in fiat currencies while customers pay in USDT or XAUt. This process leverages Oobit’s Tap & Pay feature, which utilizes Near Field Communication (NFC) technology, ensuring transactions are not only streamlined but also secure. Tether’s USDT, which is pegged to the U.S. dollar, and XAUt, which is pegged to the price of one fine troy ounce of gold, were launched on TON in April. Since then, more than $200 million in USDT has been issued on the network.
Expanding Access and Usability
Paolo Ardoino, Tether’s CEO, highlighted the broader implications of this partnership, noting that it aims to provide essential banking solutions to the unbanked population, revolutionizing how users engage with cryptocurrencies. This move is expected to make digital currency transactions as easy and convenient as traditional payments, thereby encouraging wider adoption.
Oobit CEO Amram Adar further emphasized the inclusive nature of this initiative, pointing out that the service is not just another payment option but a gateway for unbanked individuals to access major cryptocurrencies and global payment systems.
Oobit’s Growing Ecosystem
Since launching its first crypto-to-fiat mobile application in April 2022, Oobit has continued to enhance its offerings. The introduction of the Tap & Pay feature in September 2023 marked a significant milestone in providing users with practical and user-friendly payment solutions. Moreover, in March, Oobit expanded its service to include VeChain’s VET coin, further broadening its support for diverse cryptocurrencies.
Tether’s Strategic Investments
Tether is actively expanding its influence and capabilities beyond traditional cryptocurrency platforms. Earlier in May, Tether increased its investment in the payment provider CityPay.io, based in Georgia, with plans to extend services to Armenia, Azerbaijan, Kazakhstan, and Uzbekistan. This follows Tether’s initial investment in CityPay.io in May 2023, underscoring its commitment to enhancing the infrastructure around digital payments globally.
