Digital assets firm OKX noted that the so-called “next generation” of stablecoin payments begins with the launch of OKX Pay in Singapore.
OKX Pay is Singapore’s stablecoin-powered scan-to-pay service, “enabling customers to pay with USDT or USDC stablecoins at GrabPay merchant-partners by scanning their GrabPay SGQR code.”
This opens up stablecoin payments to “an extensive network of shops, cafés, restaurants, and hawker stalls that are part of GrabPay’s merchant-partner ecosystem – no complicated steps” (only seamless instant payments).
OKX Pay is built right into OKX SG, Singapore’s New Money App. Now, instead of only “using stablecoins for trading and investing, you can use them to pay for practically anything.”
Users may now open the OKX SG app, “scan the GrabPay merchant-partner’s SGQR code, enter the amount and payment is processed instantly – with merchants receiving SGD while payment comes from customers’ stablecoin balance.”
This seamless experience is powered by their collaboration “with StraitsX and Grab, two trusted companies that have local roots and global reach.”
Using stablecoins for real-world payments has felt out of reach “due to complex processes, unreliable solutions, and limited merchant adoption – until now.”
With today’s launch of OKX Pay in Singapore, stablecoins “improve everyday life, making it simple to spend and send funds with ease.”
According to the announcement, there’s no better city for this than Singapore: a global enabler of digital tech and cashless payments.
By combining the flexibility of stablecoins with a seamless experience, OKX Pay aims to put customers in “control of their stablecoins for daily transactions with instant payment features.”
That’s what they claim to mean by a New Money App: bringing together stablecoins and “the convenience, security and real-world utility of everyday payments.”
As noted in the update from the digital assets firm, OKX Pay is reportedly one of the first stablecoin payment services in Singapore that “use major stablecoins like USDT and USDC at GrabPay merchants.”