Localramp now allows businesses within Africa to accept local currencies and instantly receive USDT, according to the pan-continent payment gateway.
USDT, introduced by Tether, is a cryptocurrency with a value meant to mirror the value of the U.S. dollar.
This innovative service, Localramp says in a statement, eliminates the long-standing challenges faced by African businesses, such as navigating complex foreign exchange processes, experiencing delays, and incurring substantial costs.
By leveraging the service provided by Localramp, businesses in Africa can now charge their customers in local currencies while receiving payments in USDT, a stablecoin pegged to the value of the US dollar. Localramp says that this ensures efficient and secure cross-border transactions.
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Furthermore, businesses can withdraw the received USDT at any time or convert it into USD on the platform. With a stablecoin balance on the platform, businesses can also make USD payouts to over 80 countries, according to the payment gateway firm.
Localramp says its commitment to revolutionising African payment systems is evident in its progress towards creating a blockchain-based “SWIFT for Africa.” Earlier this year, the company introduced its fiat onramp and offramp APIs, marking a significant stride towards achieving this ambitious goal.
Central to Localramp’s offering is its steadfast support for local payment methods. Recognizing the inherent advantages of local payment methods, including cost-effectiveness, wider coverage, and reliability compared to traditional card payments, Localramp ensures that businesses can fully leverage these benefits, the firm says.
The introduction of Localramp’s Instant USDT settlement feature, the payment gateway says, not only provides businesses with a secure and efficient settlement process but also offers charge-back protection, mitigating the risks associated with fraudulent transactions.
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