The service, initially available in select markets, is expected to expand to a global user base in the coming months. Designed as a self-custody crypto payment solution, OKX Pay aims to simplify crypto transactions by removing common barriers associated with private key management and user experience.
The platform will support stablecoin payments using USDT and USDC, with additional assets expected to be added later. All transfers will be fee-free and settled nearly instantly, subject to internal risk and compliance checks. Users can send funds to individuals or groups in a way that mirrors the ease of messaging, with no fixed transaction limits.
The product runs on OKX’s zero-knowledge (ZK) layer-2 blockchain, X Layer, developed using Polygon’s Chain Development Kit. The infrastructure is intended to lower transaction costs and enhance processing speeds.
OKX officials indicated that partnerships with payment service providers such as Mastercard and Stripe are being considered for future integrations, potentially enabling point-of-sale use cases in retail environments.
One feature of OKX Pay is its partial custody mechanism, where private key responsibility is split between the user and OKX. The user retains part of the key through a passkey wallet, while OKX stores the other part. This setup is designed to make wallet recovery more straightforward, especially in cases of password loss. Password resets can be done through a zero-knowledge email recovery system, and account abstraction tools simplify onboarding and access.
To further encourage usage, OKX Pay includes what it describes as “silent rewards.” This feature allows user deposits to earn yield automatically via low-risk on-chain protocols, without requiring manual staking or locking of funds. Users retain full control and can withdraw at any time.
OKX officials stated that the product complies with established regulatory standards, including know-your-customer (KYC), anti-money laundering (AML), and multi signature controls. The firm emphasised that customer funds cannot be accessed without user consent.
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