Boom Launches Boom Pay: A Gateway to Financial Inclusion for Africa’s Unbanked Population
Blockchain-based payment platform enables 2 billion unbanked consumers to access global markets
Boom, a blockchain-based ecosystem, has recently unveiled Boom Pay, an online payment gateway aimed at addressing the financial exclusion faced by the unbanked population in Africa. With an estimated 2 billion unbanked individuals across the continent, Boom Pay seeks to provide a solution that allows these consumers to make digital payments to online merchants, fostering financial inclusion and unlocking economic opportunities. This article will explore the features and potential impact of Boom Pay, as well as the growing adoption of cryptocurrency in emerging markets.
Boom Pay: A Gateway to Financial Inclusion
Boom Pay, part of Boom’s super app, offers an inclusive eCommerce platform that enables users to engage in online transactions without the need for a traditional bank account. By leveraging the blockchain technology, Boom Pay provides several advantages, including immediate revenue growth, instant payment settlements, reduced transaction fees, and enhanced security.
The platform allows know-your-customer-verified consumers to make digital payments to online merchants, thereby bridging the gap between underserved populations and merchants seeking to tap into emerging markets. Users can fund their wallets with cash through authorized Boomcoin resellers, facilitating the on-ramp into cryptocurrency and expanding their economic opportunities.
Addressing the Challenges of Underserved Populations
Boom Pay’s launch comes at a time when sub-Saharan Africa is exhibiting a growing acceptance of cryptocurrency for retail transactions. According to Chainalysis, transactions valued under $1,000 accounted for 80% of all crypto activity in the region in 2022.
The adoption of cryptocurrency in emerging markets has been driven by the large number of unbanked and underserved consumers, coupled with widespread smartphone penetration. Cryptocurrency offers a cost-effective and efficient means of transferring value across borders, bypassing the limitations of traditional banking systems.
Expert Insights on the Potential of Cryptocurrency
Farzam Ehsani, CEO at FinTech firm VALR, highlights the transformative potential of cryptocurrency in emerging markets. He emphasizes that cryptocurrency enables individuals to transfer value across borders at a fraction of the cost and time required by traditional systems. This accessibility empowers unbanked and underserved populations, providing them with financial tools and opportunities previously out of reach.
Conclusion:
Boom’s launch of Boom Pay represents a significant step towards financial inclusion for Africa’s unbanked population. By providing an online payment gateway that leverages blockchain technology, Boom Pay enables 2 billion unbanked consumers to access global markets and engage in digital transactions. The platform’s features, including immediate revenue growth, reduced transaction fees, and enhanced security, address the challenges faced by underserved populations and merchants seeking to tap into emerging markets.
Furthermore, the growing adoption of cryptocurrency in emerging markets, driven by the large number of unbanked and underserved consumers, offers newfound economic opportunities for individuals across Africa. As Boom Pay continues to expand its reach and impact, it serves as a catalyst for socio-economic inclusivity, empowering individuals and fostering economic growth in the region.