Boom, a blockchain-based ecosystem, has recently introduced an innovative online payment gateway called Boom Pay. This groundbreaking platform aims to bridge the gap of financial inclusion for over 2 billion unbanked individuals across Africa. By providing a simple and accessible payment solution, Boom Pay is set to revolutionize the way people transact in emerging markets.
Through Boom Pay, consumers who have undergone know-your-customer verification can easily make digital payments to online merchants. This feature is particularly advantageous for populations that lack access to traditional banking systems. By eliminating the need for a bank account, Boom Pay opens up numerous economic opportunities for individuals who have been left out of global markets.
One of the key components of Boom’s ecosystem is its super app, which offers an inclusive eCommerce platform. This enables users to engage in online buying and selling without the constraints of a bank account. By funding their wallets with cash through authorized Boomcoin resellers, individuals can seamlessly venture into the world of cryptocurrency, thereby expanding their financial horizons.
Moreover, Boom Pay’s integration with online merchants is a game-changer for both underserved populations and businesses seeking to tap into emerging markets. The Boom Pay SDK empowers merchants to accept payments from users, thereby addressing the challenges faced by these populations. By leveraging blockchain technology, Boom Pay ensures immediate revenue growth, instant payment settlements, reduced transaction fees, and enhanced security.
The adoption of cryptocurrency for retail transactions in Sub-Saharan Africa is already evident. Research has highlighted that transactions valued under $1,000 constitute 80% of all crypto activity in the region. This surge in cryptocurrency use can be attributed to the prevalence of unbanked and underserved consumers, as well as the widespread availability of smartphones in these markets.
In an interview, Farzam Ehsani, CEO at FinTech firm VALR, highlighted the significant advantages of cryptocurrency in emerging markets. Not only does it facilitate seamless cross-border transactions, but it also offers substantial cost and time savings when compared to traditional systems.
Boom Pay is more than just a payment solution; it is a catalyst for socio-economic inclusivity. By unlocking financial opportunities for unbanked populations across Africa, Boom Pay propels the region towards a brighter and more prosperous future. The stage is set, and the world is called upon to join Boom on its transformative mission.
Boom Pay: Revolutionizing Online Payments for the Unbanked in Africa
What is Boom Pay?
Boom Pay is an innovative online payment gateway introduced by the blockchain-based ecosystem, Boom. It aims to provide a simple and accessible payment solution for over 2 billion unbanked individuals in Africa, bridging the gap of financial inclusion in emerging markets.
How does Boom Pay work?
Boom Pay allows consumers who have undergone know-your-customer verification to easily make digital payments to online merchants. By eliminating the need for a bank account, Boom Pay opens up economic opportunities for individuals who lack access to traditional banking systems.
What is the significance of Boom’s super app?
Boom’s ecosystem includes a super app, which offers an inclusive eCommerce platform. Users can engage in online buying and selling without the constraints of a bank account. By funding their wallets with cash through authorized Boomcoin resellers, individuals can venture into the world of cryptocurrency and expand their financial horizons.
How does Boom Pay benefit online merchants?
Boom Pay’s integration with online merchants is a game-changer for underserved populations and businesses looking to tap into emerging markets. The Boom Pay SDK enables merchants to accept payments from users, providing immediate revenue growth, instant payment settlements, reduced transaction fees, and enhanced security through blockchain technology.
Why is cryptocurrency adoption growing in Sub-Saharan Africa?
Research shows that cryptocurrency transactions valued under $1,000 constitute 80% of all crypto activity in Sub-Saharan Africa. The prevalence of unbanked and underserved consumers, as well as the widespread availability of smartphones in these markets, contribute to the surge in cryptocurrency use for retail transactions.
What are the advantages of cryptocurrency in emerging markets?
Cryptocurrency offers significant advantages in emerging markets, as highlighted by Farzam Ehsani, CEO at FinTech firm VALR. It facilitates seamless cross-border transactions and provides substantial cost and time savings compared to traditional systems.
How does Boom Pay contribute to socio-economic inclusivity?
Boom Pay is not just a payment solution; it is a catalyst for socio-economic inclusivity. By unlocking financial opportunities for unbanked populations across Africa, Boom Pay propels the region towards a brighter and more prosperous future.
For more information, visit Boom.
The source of the article is from the blog be3.sk