OKX Launches Self-Custody OKX Pay with Zero Fees, Partners with Mastercard

OKX has launched OKX Pay, a new self-custody crypto payment application designed to bridge the gap between cryptocurrency and everyday payments. The platform offers zero fees, instant stablecoin transfers, including USDT, and automatic daily rewards, aiming to provide a seamless and secure payment experience.

OKX Pay supports features similar to traditional payment apps, including direct payments to contacts, sending and receiving red packets, and group chat functionality. Future integrations with payment service providers like Mastercard and Stripe are planned, potentially allowing users to make purchases directly with cryptocurrency. The application also offers a 5% annual yield on balances.

The application introduces a self-custody model where the private key is split between the user and OKX, enhancing security. Users can recover their wallet using a zero-knowledge proof email if they lose their password. Additionally, OKX Pay supports transfers to X Layer, facilitating Web3 adoption.

Mastercard has announced a partnership with OKX to issue the OKX Card, which will link crypto trading with everyday spending, further expanding the utility of OKX Pay in the global payment ecosystem. This move is seen as a step towards broader Web3 adoption with no locked funds.

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