Boom, a blockchain-based ecosystem for digital payments has launched Boom Pay, an online payment gateway designed to help merchants collect payments from almost 2 billion unbanked customers across Africa.
In a news release, Boom Pay announced that the solution enables online merchants to accept digital payments from KYC-verified consumers but targets Africa’s unbanked by enabling these customers to transact online with any merchant that integrates the Boom Pay SDK.
By launching Boom Pay the company is looking to build on recent efforts boost financial inclusivity in the region. For instance, its recently-unveiled super app was introduced so users without a bank account could start buying and selling on an online e-commerce platform. This was made possible because KYC-verified Boom users can fund their wallets with cash by locating nearby authorised Boomcoin (“BMC”) resellers directly through the Boom Wallet, allowing them to on-ramp into crypto without banking.
Boom Pay is now expanding this concept by enabling all e-commerce platforms to accept user payments by integrating the Boom Pay SDK. It comes as countries like Nigeria increasingly lean towards adopting cryptocurrencies and digital payments to ease the issues faced with cash or struggling local currencies.
Through the solution, the company is aiming to increase inclusivity by connecting two key demographics; underserved populations that can’t access online markets, and online merchants that find it diffcult to tap into rapidly developing emerging markets.
“Prior to Boom Pay, online merchants could not collect payments from the unbanked 1 billion women and 700 million men that spend $5 trillion annually,” Naomi Bourgarel, Chief Product Officer at Boom, said.
“Boom Pay is more than just a payment solution; it is a step towards achieving socio-economic inclusivity for all. We have made it extremely simple for everyone to adopt it, and now, we call upon the world to join us on our mission,” she added.
