Global payments app Oobit has launched in South Africa, allowing users to shop at 100 million Visa-accepting merchants worldwide via any self-custody wallet. Transactions are available in-store, online, and for cross-border payments with DePay, a decentralized settlement layer. Users can receive up to 10% cashback in eligible currencies. Oobit addresses South Africa’s capital control restrictions by converting stablecoins to fiat currency at the time of purchase through regulated Visa rails. Merchants receive fiat payments instantly, while users maintain control over their wallets. Oobit’s expansion into South Africa follows recent launches in the Philippines, Thailand, and Brazil, supporting the company’s goal of enabling stablecoin spending wherever Visa is accepted. CEO Amram Adar highlights the benefits of spending stablecoins with almost zero fees, envisioning wallets replacing banks and stablecoins becoming the new money. Oobit has partnered with Stable, a Layer 1 blockchain network, to allow Tether (USDT) users on Stable to make payments online or in-store at over 80 million merchants across various countries.

Read more at Yahoo Finance: Payments app Oobit expands with South Africa launch