Oobit, a leading mobile payment app, is set to revolutionize the adoption of cryptocurrencies as a means of payment. To make crypto transactions more accessible and efficient, Oobit is introducing its Tap & Pay solution, enabling crypto holders to seamlessly make contactless payments similar to an Apple Pay® experience, using the top cryptocurrencies at any of the 100M+ businesses worldwide that accept Visa or Mastercard.
Introducing cryptocurrencies to the masses, starting with Bitcoin, was meant to be an alternative to fiat, acting as digital money that people could use for borderless remittances and payments. However, with the growing complexities in the space and regulatory constraints, cryptocurrencies are yet to be utilized for their core purpose as an easy and secure alternative to money.
Merchants are Still NOT Ready for Crypto
Even though there are an estimated 500M crypto holders worldwide, most users cannot easily use their crypto to pay, and most merchants can only accept crypto if they are directly integrated into blockchain ecosystems.
Oobit identified the issues merchants and users face in embracing cryptocurrencies as a payment method. The team recognized that although crypto adoption was rising, most consumers struggled to understand how to pay with crypto. With more news everyday about the risks associated with crypto, merchants face issues in accepting crypto as payment. These hurdles, combined with the fact that most businesses still do not accept cryptocurrencies today, meant that even everyday crypto users could not use their assets for what they were meant for.
Users face similar issues as well. They are afraid to overpay, especially with varying network fees and cryptocurrency prices, and the waiting time for network confirmation also means delayed payment. This, combined with growing regulatory constraints, volatile markets and an overall lack of education about the space, means merchants are either unable or unwilling to adopt crypto.
Oobit’s Tap & Pay Solution
Having recognized these challenges, Oobit developed its Tap & Pay solution, where merchants could accept digital assets without cumbersome sign-ups and receive instantaneous transaction confirmations, allowing them to receive fiat like they always do.
The Tap & Pay feature is designed to simplify the process, eliminating the need for merchants to integrate complex systems or undergo extensive market education. Users can effortlessly make purchases with their cryptocurrencies through the Oobit app, while merchants receive the payment in their local fiat currency, streamlining the experience for both parties.
The technology behind the app leverages NFC (near-field communication) on mobile devices to facilitate secure and contactless payments through existing payment rails. Each user enjoys tokenized payments, with crypto seamlessly converted to fiat in real time. The app expertly manages transactions and merchants' financial reconciliation, adhering to user-defined spending policies.
In the near future, Oobit will be the gateway to money spending in Web3.
Although Oobit's Tap & Pay solution currently uses the wallet within the Oobit app, the company is working on becoming the gateway for Web3 payments in the real world. Aiming to bridge the gap between Web3, DeFi, and everyday payments, similar to how you can link any card to "Apple Pay" and not only use the Apple card. Users will have the option to connect external wallets to the Oobit app, enabling them to make payments at any supported point-of-sale (supported by VISA/MS) using funds directly from their external wallets. Oobit will operate in a non-custodial manner, ensuring users have control over their funds.
Amram Adar, CEO of Oobit, shared the company's vision: "We knew that convincing merchants to accept crypto directly would be difficult, taking years and potentially facing failure. Therefore, we developed a powerful value chain that empowers crypto holders to Tap & Pay at any store using their Oobit app through existing Visa and Mastercard POS terminals, with merchants receiving payment in fiat currency just like a regular credit card transaction. In the future, our Web3 solution will open the door to many more users focused on self-custody but still looking for a viable option to spend their crypto."
The initial launch of Tap & Pay will cover Europe and the UK, catering to Android and iOS device users seeking to experience the ease of paying for everyday goods with cryptocurrencies globally. Oobit's primary markets have been in the European Union (EU), with strategic plans to expand into other regions such as Latin America (LATAM), United Arab Emirates (UAE), Asia-Pacific (APAC), Canada, and Australia.
Oobit's Tap & Pay feature promises to mark a significant milestone in the evolution of payments, simplifying transactions and encouraging wider adoption of any digital assets as a viable means of payment in everyday life. With ongoing advancements Oobit opens a new way to interact with money. By making digital assets as usable and convenient as money, people will no longer have to rely on traditional currencies.